June 21, 2018
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TD Bank closure means Thomaston to be down to single bank

By Stephen Betts, BDN Staff

THOMASTON, Maine — The pending closure of a TD Bank branch on Main Street means the town will be down to a single bank.

TD Bank has announced it will close its Thomaston branch on Nov. 16, consolidating its operations with a branch four miles away in the neighboring city of Rockland.

“This was a difficult decision and was not taken lightly. We evaluate a number of factors when deciding to consolidate a location and make decisions that will allow us to best meet the needs of our current and future customers,” the bank said in a press release issued Thursday by Lauren Moyer, media relations associate for TD Bank.

Current employees at the Thomaston branch will have the opportunity to be considered for positions available in the area and throughout the company. The employees also will be considered for future openings that become available through Nov. 16.

An average of five to 10 employees work at a TD Bank branch, Moyer said.

“We expect to help many employees find jobs,” she said.

The TD Bank statement indicated that customers can continue to do their banking just as they have done but simply at a different location or through enhanced online, mobile and ATM services.

The closing will leave only Camden National Bank with a branch in town.

According to figures from the Federal Deposit Insurance Corporation as of June 30, 2012, Camden National held 63 percent ($40 million) of the share of bank deposits in Thomaston while TD Bank had 37 percent ($23.8 million) of the market.

There were three banks on Main Street until 2009, when Bank of America closed its branch in Thomaston.

Camden National is the dominant bank in Knox County, holding 61 percent ($701 million) of all deposits in 2012. TD Bank was second with nearly 9 percent ($98 million) of all deposits in Knox County.

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