TD Bank Shutters Worcester Branch, Vacancies Rise in Historic Building

TD Bank has officially closed its branch located within the Guaranty Building at 370 Main Street in Worcester, further increasing the vacancies in the 53-year-old office structure. This decision was communicated to federal authorities on April 11, as documented by the U.S. Office of the Comptroller of the Currency. The closure forms part of a broader strategy that sees the bank shuttering 27 branches across 11 states and Washington, D.C.

A notice posted on the bank’s entrance informed customers about the branch’s closure, offering them alternative locations at 295 Park Avenue, 500 Grafton Street, and 1227 Main Street in Worcester for future banking needs.

This branch’s closure joins a trend of exits by established tenants from the building since the start of 2023, including the legal firm Fletcher Tilton, which departed in June 2023.

The attorneys from Fletcher Tilton, including Phillips Davis and Sumner Tilton, previously managed a company that had ownership stakes in the Guaranty Building before it transitioned to management by Cortland Commercial based in Sterling.

Currently, the former banking spot is one of the nine spaces available for lease, as listed on LoopNet.com. Collectively, the properties available amount to 31,663 square feet, equating to nearly 16% of the total rentable area of 198,180 square feet within the building. Notably, the largest offering is a 15,475 square-foot office space situated on the fifth floor of the establishment.

The Guaranty Building is under the management of Guaranty Management, which operates out of the same location and oversees various other properties across Central Massachusetts, including the nearby 10 Mechanic Street in Worcester and 1400 Computer Drive in Westborough.

According to property records from the City of Worcester, the Guaranty Building has been assessed at a value of $11.95 million for the year 2024.

Established in New Jersey, TD Bank serves as a subsidiary of the Canadian-based TD Bank Group and stands as the second-largest banking institution in Central Massachusetts, boasting local deposits totaling $3.8 billion as of June 30, 2023. Data from the Federal Deposit Insurance Corporation indicates that the bank held $369.9 billion in assets as of March 31, highlighting its significant standing in the financial landscape.

Following this closure, TD Bank retains a total of 20 operational branch locations throughout Central Massachusetts, a considerable presence in the area despite the recent reduction.

The article noting these developments is authored by Eric Casey, a staff writer at the Worcester Business Journal, who predominantly focuses on reporting within the manufacturing and real estate sectors.