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Updated: May 2, 2024

TD Bank to close two branches in Maine this summer

bank entrance File photo / William Hall TD Bank, which has the largest bank market share in Maine, plans to close two branches in Maine this summer.

TD Bank, one of the 10 largest banks in the U.S. and the bank with the largest market share in Maine, plans to close 20 branches nationwide including two in the Pine Tree State.

A spokeswoman for the bank confirmed planned closures in South Portland, at 240 Maine Mall Road, and Caribou, at 14 Sweden St., as listed in public filings with the federal Office of the Comptroller of the Currency.

As of Thursday morning, the planned closures were not listed among notices on the state's Bureau of Financial Institutions website.

In Maine, TD Bank has a workforce of 2,530 people and close to 40 branches. The bank typically does not give a breakdown of employees by branch.

“As one of the nation's top 10 banks, TD Bank continuously evolves its business to better serve its customers, colleagues and communities and meet ever-changing customer expectations,” the bank said in a statement emailed to Mainebiz.

“We are focused on building the bank of the future by evolving our model and enhancing capabilities to improve customer experience and enable long-term growth,” the statement continued. “As part of this strategy, the bank regularly evaluates its physical store network and looks for opportunities to better align our network of stores to best serve our customers through an optimal mix of convenient TD Bank locations and digital banking products and services. 

“As a result, we've made the decision to close 20 stores across our footprint, which include our Caribou and Maine Mall locations, on July 12. We are committed to making this transition as smooth as possible for our impacted customers and colleagues and look forward to continuing to provide legendary service via whatever channel our customers choose."

Previous closures occurred in 2021, when TD Bank shuttered branches in Auburn, Biddeford and Brunswick as part of a cutback across 15 states.

With $5.7 billion in Maine deposits as of June 30, 2023, TD Bank is the state’s top-ranked bank by market share in the 2024 Mainebiz Book of Lists.

Earlier this year, Don Baker took the helm as TD Bank’s commercial market president of northern new England, succeeding Larry Wold, who retired at the end of 2023 as Maine market president.

Cherry Hill, N.J.-based TD Bank, with around $407.5 billion in assets as of Jan. 31, 2024, is a subsidiary of Canadian multinational Toronto-Dominion Bank (NYSE, TSX: TD). In the United States, TD Bank has more than 1,000 locations across the Northeast and Mid-Atlantic regions including Washington, D.C., as well as the Carolinas and Florida. 

The bank has bulked up over the past two decades through a string of acquisitions, including the 2004 purchase of Portland-based Banknorth. The city also served as one of the bank’s two U.S. headquarters until 2013.

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