The Toronto-based bank (NYSE: TD) notified the Office of the Comptroller of the Currency that it will close a branch at 3285 Garden St. in Titusville. A bank spokeswoman told Orlando Business Journal that the branch will close on April 23.
The bank’s other Titusville branch, at 201 Cheney Highway, will remain open.
Other locations in Florida the bank plans to close include:
- 350 N. Summit St., Crecent City
- 10603 NW 12th St., Doral
- 450 E. Las Olas Blvd., Fort Lauderdale
- 2211 Okeechobee Road, Fort Pierce
- 7515 W. University Ave., Gainesville
- 1200 Riverplace Blvd., Suite 100, Jacksonville
- 4520 San Juan Ave., Jacksonville
- 6050 St. Augustine Road, Jacksonville
- 6108 U.S. Highway 98 North, Lakeland
- 8881 Lantana Road, Lake Worth
- 595 S. Sixth St., MacClenny
The bank told OBJ it considers a number of factors when it comes to branch closures, including “number of customers visiting our stores, transaction volumes, the location’s proximity to other TD Bank stores and the number of customers who use multiple store locations.” The bank’s strategy includes a mix of physical locations and digital banking services, and it regularly reviews its branch footprint to make changes.
The bank also is making some changes to its branch network in Orlando. After the bank’s lease at at 100 S. Orange Ave. runs out, it will close on March 12 and then move into a new branch on April 24 at 2401 S. Orange Ave. The bank also plans to close a branch at 2859 S. Delaney Ave., near the new branch that’s set to open in April.
Banks have been changing their physical footprint as more people bank online or via their phones. That investment can be shifted to other areas, Chuck Shaffer, president and COO of Stuart-based Seacoast Bank (Nasdaq: SBCF), previously told OBJ. “When we consolidate branch locations, we redirect those investment dollars to make improvements in customer satisfaction. Our goal is to retain and grow customer relationships.”
As of June 30, 2020, TD Bank was the 10th-largest bank in Orlando by local deposit share with $1.18 billion in deposits and 12 branches, according to the Federal Deposit Insurance Corp.