A still from TD Bank’s new “Bank Human Again” ad campaign (PR NEWSWIRE)
Just when New Yorkers thought it wasn’t possible to shoehorn one more bank onto another street corner.
Canada-based TD Bank is about to launch a major Big Apple expansion plan that will increase its presence here by 50 percent over the next three years.
The bank, a unit of Toronto-Dominion Bank, with 97 branches now throughout the five boroughs, could grow to become the No. 2 New York City bank, by branches, after its move.
While some banks are pulling back on the number of branches here, TD Bank wants to grow and compete with heavy hitters like JPMorgan Chase,Citigroup, Bank of America and HSBC, according to Chris Giamo, New York metro president of TD Bank.
“New York is viewed as the financial capital of the world, and we just want to capitalize on that position,” Giamo said.
JPMorgan has 390 branches in the city, more than any other bank, records show.
For jaded New Yorkers who think the city is overrun by bank branches, consider that the 2,315 people per bank branch in Manhattan is nothing compared to Nebraska.
Yes, the Cornhusker State has the most bank branches per capita of any state — with one branch for every 1,702 people.
At the other end of the spectrum, Alaska has one branch for every 5,475 people.
The number of Manhattan bank branches peaked in 2010 at 702 before falling to about 692 today.
Newer regulations and higher costs of doing business have caused most banks to rethink their appetite for brick-and-mortar locations.
By comparison, the boroughs outside Manhattan are relatively under-banked (see chart above).
In fact, residents of The Bronx are served by one branch per 9,158 — making it, in banking terms, the Big Apple’s Alaska.
And Brooklyn, the most populous borough, doesn’t fare much better, with a branch for every 7,074 people.
In Queens, it’s one branch per 5,017 residents, according to statistics from the FDIC and the US Census.
In Staten Island, it’s 4,238 people per bank branch.
TD Bank’s Giamo wouldn’t discuss the cost of the bank’s own bank branch buildout.
On Wall Street, TD’s parent, which fared better than its US counterparts during the financial crisis, has been eager to expand by building branches or buying a US bank.
“We are not going to jeopardize our balance sheet, but we have the luxury if the right deal does come along, because of our infrastructure,” Giamo said.
TD’s 100th branch is set to open to much fanfare on Jan. 26.