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TD Bank and Flagstar Bank to Shut Down Many US Branches

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Branch Closures: TD Bank and Flagstar Bank Revise Operations

TD Bank to Close 38 Branch Locations

TD Bank has announced plans to close 38 branches by June 5, affecting locations in multiple states, including New York, New Jersey, Pennsylvania, South Carolina, Virginia, New Hampshire, Maine, Connecticut, Florida, Massachusetts, and Washington, D.C.

A representative from TD Bank emphasized that these closures are part of routine evaluations aimed at aligning their store network with evolving customer needs. “After a recent analysis, we made the difficult decision to close 38 locations,” the spokesperson stated. “We are committed to making this transition as smooth as possible for customers and look forward to serving them at one of our 1,100 TD Bank locations or through our digital banking products and services.”

Recent Regulatory Challenges for TD Bank

In October 2024, TD Bank faced significant scrutiny when it pled guilty to charges regarding its anti-money laundering program, resulting in over $3 billion in fines.

Flagstar Bank’s Upcoming Consolidations

Similarly, Flagstar Bank, through its parent company Flagstar Financial, indicated plans to close approximately 80 locations, which includes 20 private client offices and 60 retail branches. This decision was revealed during Flagstar’s fourth-quarter earnings call in January 2024.

Lee Smith, the Chief Financial Officer, characterized these branch closures as “real estate optimization,” asserting that the company aims to maintain efficient operations without disrupting customer service. “There are about 20 private client retail locations that we are looking to consolidate,” he explained, noting the proximity of these sites to nearby branches. “We feel we can be more efficient and not lose anything from a customer service point of view.”

Operational Impact and Transition Details

Flagstar’s consolidation plan, phased over several stages, has already commenced. The move is expected to minimize customer disruption by consolidating close-proximity branches, enhancing overall efficiency.

According to the Office of the Comptroller of the Currency (OCC), affected branches are located in New York, New Jersey, Michigan, Indiana, and Ohio, though specific locations have not been disclosed by Flagstar.

Market Positioning of Both Banks

Data from Inside Mortgage Finance highlights Flagstar as the 25th largest mortgage originator in the United States, with a volume of $14.9 billion reported in the previous year. Meanwhile, TD Bank ranks as the 37th largest servicer nationwide, overseeing $42.2 billion in servicing rights as of the fourth quarter of 2024.

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