The Largest U.S. Bank Chain Set To Close Locations In Massachusetts, Connecticut

It's sad to say that we are living in a world where everything just closing down. Many may think closing is a way for a company to save money. Well, sort of.

This bank closure that we're about to get into is a rather different type of closure that doesn't happen on a regular basis.

Read More: Massachusetts Won't Open Chick-Fil-A At These Locations

TD Bank To Close Locations In Massachusetts And Connecticut 

According to Boston.com, TD Bank North America, the 10th-largest bank in the U.S. is planning on closing branches in Massachusetts along with in Connecticut as it continues to roil from massive penalties after the institution’s lax practices allowed significant money laundering at its location.

Filings with the Office of the Comptroller of the Currency, TD Bank filed to close 37 locations across the country in March, including six in Massachusetts, four in Maine, four in New Hampshire, and two in Connecticut.

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TD Bank operates 149 locations in Massachusetts and that number will soon decrease after these closures. The Justice Department said TD Bank failed to update its anti-money laundering compliance program to address known risks for nearly a decade.

“These failures made the bank an ‘easy target’ for the ‘bad guys." - Assistant Attorney General Nicole Argentieri

The failures, according to the Justice Department, unfortunately allowed hundreds of millions of dollars from money laundering networks to flow through the bank, including for international drug traffickers.

Reuters also reported the company has seen a shift in leadership. Since last year, 40 senior executives took pay cuts totaling up to $30 million.

The following locations will close in Massachusetts:

• 465 North Main St., East Longmeadow
• 2345 Main St., Tewksbury
• 50 Holyoke St., Holyoke
• 420 Franklin St., Framingham
• 860 South Main St., Bradford
• 547 Broadway, Meuthen