TD Bank to close one of two downtown Portland locations

Photo / William Hall TD Bank will close its branch at 481 Congress St., near Monument Square in Portland, early next year.

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By Staff

TD Bank, which operates 49 retail banking branches in Maine, may soon have one fewer.

The bank plans to close its branch at 481 Congress St. in downtown Portland on Jan. 31, 2020, according to a letter mailed to customers last week.

It’s not clear why the branch is closing or how employees may be affected, and attempts to reach bank representatives for comment were unsuccessful.

TD Bank employs about 3,200 people in Maine.

In the letter, Market President Mark Sylvain wrote, “It’s not goodbye forever, though. We’re moving in with our TD Bank neighbors close by.”

TD Bank also has downtown offices at 1 Portland Square, just a few blocks away. There are three other branches in the city, off the peninsula.

Also unclear is what will become of the Congress Street space, which occupies a prime ground-floor location adjoining the iconic Time & Temperature Building.

Doors in the bank open both into the building’s lobby and onto Congress Street. Outside, a sidewalk clock with the TD Bank logo displays the time in digital form — mimicking the much larger digital clock atop the 14-story T&T structure, which was built in 1924.

The high-rise, as well as 481 Congress St. and two neighboring properties, sold at auction last year for $9.3 million.

In July, TD Bank's regional president for northern New England, Sheryl McQuade, told Mainebiz the bank frequently considers changes in its bricks-and-mortar business.

“We meet on a regular basis as a team to discuss our strategy around optimizing our footprint and really leveraging our ‘America’s Most Convenient Bank’ model,” she said. “We’re talking with lots of teams about that on an ongoing basis.”

Cherry Hill, N.J.-based TD Bank is a subsidiary of Canadian multinational Toronto-Dominion Bank, which had the equivalent of $1.1 trillion in assets on April 30, 2019.