TD Bank Closes 38 Branches Across 10 States After $3B Money Laundering Fine

TD Bank announced it will close 38 branches across 10 to 11 US states, including Connecticut, Florida, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Virginia, and the District of Columbia, effective June 5, 2025. This decision follows a $3 billion fine last year after TD Bank pleaded guilty to federal money laundering charges for failing to prevent illegal transactions by drug cartels. Despite these closures, the bank emphasized its commitment to a smooth transition for affected customers, encouraging them to use one of TD's approximately 1,100 remaining branches or digital banking services. TD Bank also plans to expand by opening 150 new branches by 2027 and has recently opened new locations in New York and Boston. The closures are described as part of routine evaluations aimed at aligning branch networks with customer needs and preferences. TD Bank's leadership is focused on strengthening compliance and operational practices following the legal setbacks.