One Of New Jersey’s Largest Banks To Close Five Branches Next Month

A well-known bank headquartered along Route 70 in Cherry Hill, New Jersey, is set to close a total of 38 branches next month.

Several of the closures will occur in New Jersey, with additional branches shutting down in Connecticut, Florida, Maine, Massachusetts, New Hampshire, New York, Virginia, Pennsylvania, and South Carolina.

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Just last year, the bank paid over $1 billion in penalties after pleading guilty to money laundering charges, according to USA Today.

Now, under new leadership, the bank's CEO says they're implementing "the necessary changes to put the bank on a stronger foundation."

Read More: The Latest Scam Involving Well-Known Banks Could Be Targeting Your Money In New Jersey

With nearly 300 locations and ATM's across the state, according to its website, 5 New Jersey branches will be among those shutting down in June.

TD Bank Closing 5 New Jersey Branches

Those 5 New Jersey branches are located in towns across New Jersey, including:

Cedar Grove - 85-107 Pompton Avenue

Marlton - 191 East Route 70

Ringwood - 145 Skyline Drive

Raritan Township - One Royal Road

Spring Lake Heights - 555 Warren Avenue

According to USA Today,

A spokesperson for the bank said that as part of its normal business practices, it regularly evaluates existing TD Bank stores, which "may result in some closures, consolidations, or relocations." The evaluations allow the bank to better align its network of stores with "customer needs and preferences," he added.

As the bank works to rebuild, the 38 locations will close on June 5th.

However, new branches have recently opened - two in New York and one in Massachusetts.