TD Bank plans another Maine branch closure this summer

Photo / Renee Cordes TD Bank currently has three branches in Bangor, including this one at 77 Exchange St. Another branch, at 878 Stillwater Ave. near the Bangor Mall, is slated for closure on Sept. 20.

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By Renee Cordes

TD Bank, the bank with the largest market share in Maine, plans to close one of its three branches in Bangor toward the end of this summer.

The planned closure of the branch, at 878 Stillwater Ave. near the Bangor Mall, was listed in federal documents and confirmed by a bank spokeswoman.

Elsewhere in the Queen City, TD Bank has branches at 77 Exchange St. and at 1067 Union St., as well as a standalone ATM inside the Broadway Shopping Center.

“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.

“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,” the statement read. “As a result, we made the decision to close our Stillwater Ave. store in Bangor on Sept. 20.”

Earlier this month, TD Bank shuttered one of its two branches in South Portland and its only branch in Caribou.

After downsizing in Bangor, TD Bank will have 35 locations in Maine and a workforce across the state of 2,450, the spokeswoman said. The bank does not disclose the number of employees in each branch.

Previous closures occurred in 2021, when TD Bank shuttered branches in Auburn, Biddeford and Brunswick as part of a cutback across more than a dozen 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. Deposits at TD Bank accounted for 13.4% of the state's total, according to the latest quarterly FDIC data.

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

Cherry Hill, N.J.-based TD Bank, a subsidiary of Canadian multinational Toronto-Dominion Bank (NYSE, TSX: TD), is scheduled to release third-quarter results on Aug. 22.