TD Bank will close its office at 1803 Marsh Road in north Wilmington as it trims six percent of its branches in the Mid-Atlantic and Florida.
“After a thorough review, we have decided to close 81 stores, or just over 6 percent, of our 1,223 stores in the U.S, effective April 23. This includes one TD Bank Store in Delaware, located at 1803 Marsh Road in Wilmington. While this is a change, we look forward to continuing to serve our Wilmington customers at our TD Bank Store at 2502 Marsh Road in Wilmington, as well as through our convenient online and mobile banking services; live customer service support available 24 hours/day, seven days/week, 365 days/year; and our vast network of ATMs,” the company stated.
TD said several factors were considered, including the proximity to other TD branches and the number of customers using multiple locations. TD has about a dozen branches in Delaware.
“Our stores remain an important pillar of our strategy, and we are committed to reinvesting across our footprint, which could include store renovations, new store locations, or the expansion of our ATM network while continuing to make further investments in our digital and mobile platforms in response to evolving customer preferences,” the statement noted.
TD Bank retained the bulk of the Delaware branches acquired with its purchase of Commerce Bank more than a decade ago.
Commerce had earlier trimmed back aggressive plans for expansion, with company founder Vernon Hill claiming that New Castle County zoning regulations were even tougher than those in the bank’s home state of New Jersey.
Canada-based TD embraced much of the Commerce Bank business model that features extended hours, seven-day operation, low banking fees, and an ability to issue debit cards at the branch immediately. The company also picked up business customers attracted to longer hours and other features.
Most bank branches have seen a decline in customer traffic as consumers and businesses do more banking via computer or mobile device. The pandemic accelerated the trend.
Delaware has seen fewer branch bank closings than some states since banks tended to be statewide players without overlapping offices.
Also, financial service behemoths Bank of America and Chase have opened branches in Delaware.