The lower Hudson Valley was spared the brunt of branch closures by TD Banknorth, with just two of 28 branches located in the region slated to be shuttered.
TD Banknorth is closing branches in Middletown and West Haverstraw that it acquired last year in its 2006 purchase of Hudson United Bancorp, which was based in Bergen County, N.J.
The Maine-based company had $987 million in deposits in the region as of last June, numbering it among the top 10 banks locally.
TD Banknorth is closing 13 branches in New Jersey, four in Connecticut, and one upstate in Washington County. Some 400 employees in the region are to lose their jobs.
Bharat Masrani, TD Banknorth”™s chief executive officer, indicated in an interview with the Globe & Mail that further cuts could be in the offing, but did not provide additional details.
