This Bank Is Closing Dozens Of Locations, Including 3 In PA

PENNSYLVANIA — TD Bank is preparing to shutter dozens more locations across multiple states, including three in Pennsylvania.

The decision to close more branches comes as the company continues to deal with the fallout from agreeing to pay a $3 billion fine after pleading guilty in a money laundering scheme that funneled hundreds of thousands of dollars to drug cartels.

The branch closures span 10 states and the District of Columbia and were listed in filings to the Office of the Comptroller of the Currency obtained by Fast Company.

The following Pennsylvania locations are slated for closure in June:

• Chestnut Hill Branch – 8600 Germantown Pike, Philadelphia, Philadelphia County
• Frazer Branch – 101 Lancaster Ave., Frazer, Chester County
• Morrisville Branch – West Trenton and Carlisle avenues, Morrisville, Bucks County

Other states facing closures include Connecticut, Florida, Maine, Massachusetts, New Hampshire, New York, New Jersey, South Carolina, Virginia, and Washington, D.C.

In a statement sent to Fast Company, a representative from TD Bank said the company is focused on making the transition "as smooth as possible for customers and employees."

This round of closures is the latest announced by the beleaguered company.

Before pleading guilty in the money laundering case, federal prosecutors said TD Bank failed to meet its responsibilities under the federal Bank Secrecy Act, which requires financial institutions to report suspicious activity that may be linked to the crime.

Deficiencies in the bank's anti-money laundering compliance program "allowed criminal proceeds to flow" to Colombian cartels, officials said. Some bank tellers also accepted gift cards as bribes in exchange for filing false or misleading reports on certain transactions, according to Deputy Secretary of the Treasury Wally Adeyemo.

"The bank enabled drug trafficking," Adeyemo said.

The bank also agreed to a four-year monitor to oversee "extensive remedial measures," including reviewing its anti-money laundering compliance program, according to federal officials.

TD Bank's U.S. headquarters are in southern New Jersey.