"In a statement to Boston.com, TD Bank says that during an Investor Day last month, leaders shared plans to "deliver a stronger, more scalable U.S. retail presence" through store enhancements, tech-forward digital banking, and personalized services. "We also regularly evaluate our network to ensure we're serving our communities where they need us, which at times results in store closures or relocations to nearby neighborhoods," the statement said. The statement added that TD Bank expects to open new stores in these communities, subject to regulatory approval."
"According to the Department of Justice, in October 2024, TD Bank pleaded guilty to conspiring to fail to maintain an anti-money laundering program and file accurate Currency Transaction Reports. As part of the plea agreement, TD Bank agreed to pay $1.8 billion in penalties, enhance and remediate its anti-money laundering compliance program, and retain an independent monitor. In a statement, TD Bank said the closures are unrelated to the settlement. TD Bank's third-quarter results, released in August, show the company is bouncing back."
TD Bank will close six branches and one remote drive-thru in Massachusetts as part of a nationwide reduction of 51 locations. Leadership presented plans to create a stronger, more scalable U.S. retail presence via store enhancements, tech-forward digital banking, and personalized services. The bank regularly evaluates its network and expects to open new stores in these communities, subject to regulatory approval. The statement did not address employee impacts. TD Bank pleaded guilty in October 2024 to anti-money-laundering failures, agreed to $1.8 billion in penalties and remediation, and reports improved third-quarter earnings.
Read at Boston.com
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