TD Bank will close 81 of its 1,223 retail branches, almost 7% of all locations, as the COVID-19 pandemic accelerates the switch from brick-and-mortar to digital banking, reports the Philadelphia Business Journal.
Cherry Hill-based TD, the U.S. retail banking arm of Toronto’s TD Bank Group (NYSE: TD), said the closings will take place by April 23, reports PBJ.com. They include locations in 15 states in the bank’s Maine-to-Florida footprint, including 10 of the 123 situated in southeastern Pennsylvania and South Jersey, and one in Delaware. TD will also shutter 23 locations in five New England states, 21 in the New York City metro area, 14 in Florida, six in the Washington, D.C., metro, and four in the Carolinas.
PBJ.com has a full list of the Philadelphia-area branches set to close.
Ernie Diaz, executive vice president and head of consumer distribution at TD, said the bank has a strategy to enhance its branch network and respond to changing customer expectations for digital, mobile and connected channel options.
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