CHATHAM – TD Bank will close its branch at 693 Main St. in January.
Customers were informed of the closure in a letter dated Oct. 17. Retail Market President Marion Colombo wrote that the branch office will close on Jan. 27.
Lisa Sawicki, vice president and corporate communications manager for the bank, said in an email that the Chatham branch will be merged with the TD Bank in Harwich Port.
“The decision was based on a number of factors, including customer traffic patterns and store transaction volumes and is in line with our commitment to grow locations and services in the way that will create the best experience” for TD customers, she wrote.
“Normal operations will continue at both stores until the transition is complete and we will work directly with our customers to provide any needed support through this change,” Sawicki said.
No other branches in the area are slated for closure, she added. Eligible employees at the Chatham branch will be considered for other positions in the bank.
The Oct. 17 letter encourages customers to continue to use mobile and online banking tools, as well as referring them to branches in Harwich Port, Orleans and Brewster. The bank has 16 locations on Cape Cod, and more than 1,300 nationwide. According to its website, it is one of the 10 largest banks in the U.S. with approximately 26,000 employees.
The company grew out of Banknorth, which had its roots in the Portland Savings Bank in Portland, Maine, which first opened its doors in 1852. TD Bank Group of Toronto began acquiring shares of Banknorth in 2004, changing the company's name to TD Banknorth. It completed its acquisition in 2007. The Cherry Hill, N.J.-based company was renamed TD Bank a year later, according to the website.
According to assessors records, the Main Street property is owned by TD Banknorth; its address is listed as Jericho, N.Y. The property is valued at $1.2 million. The site was formerly Cape Cod Bank and Trust Co., which was acquired by Banknorth in 2003.
Sawicki said the bank plans to market the property for sale.