NEWINGTON, NH – The TD Bank branch in Newington is one of 20 across seven states that the Toronto-based bank is closing this month.
TD Bank filed applications with the Officer of the Comptroller of the Currency on April 11 to close 20 branches in New Hampshire, Maine, Vermont, Massachusetts, New York, Pennsylvania and South Carolina.
The Newington branch was at 2033 Woodbury Ave. The filing doesn’t give a closing date, TD Bank still lists the branch among its 47 branches and ATMs in New Hampshire on its website.
The bank has not publicly announced the closing, but when it closed six New Hampshire branches in 2021, along with 81 in several states, it said in a news release that It considers many factors when closing branches, including the number of customers using it, transaction volumes, the location’s proximity to other TD Bank branches and the number of customers who use multiple locations.
In 2021, the bank also said it was notifying customers of the branches that would close, and encouraged them to use nearby locations for bricks-and-mortar transactions.
Other New England TD Bank branches that will close this month are in Caribou and South Portland (Maine Mall), Maine; Barton and Montpelier, Vermont; and Worcester and South Hadley, Massachusetts.
Headquartered in Cherry Hill, New Jersey, TD Bank is a subsidiary of The Toronto-Dominion Bank. Banks that operate in the U.S. are required to file notice of closures with the OCC, so that the agency can assess a bank’s record of opening and closing branches and make sure that it is complying with the federal Community Reinvestment Act.
As online banking becomes increasingly popular, many banks are closing bricks and mortar branches, both because they’re not needed and as a way to cut expenses.
The Wall Street Journal reported in December that in 2023, Wells Fargo closed 258 branches, JPMorgan Chase close 165 and Bank of America close nearly 100, citing S&P Global Market Intelligence as its source. It said that the number of bank branches in the U.S. has gone from nearly 100,000 in 2009 to 78,000 at the end of 2023.
The filing with the OCC came just days before TD Bank announced that it had combined its consumer product and consumer distribution units and named Matt Bos, who had been head of commercial product management, to a new role as head of consumer banking, overseeing both divisions. Boss is responsible for TD’s more than 1,100 branches, contact centers, digital sales and capabilities, retail operations, U.S. Wealth, and TD Auto Finance, as well as continuing to oversee consumer product teams, including deposit products, credit cards and unsecured lending and residential lending, the bank said in news release.