TD Bank is planning to close 38 locations, including six in New Jersey.

Effective June 5, TD Bank plans to close locations in Cedar Grove, Holmdel, Marlton, Ringwood, Flemington and Spring Lake Heights.

It said in a statement: "As part of our normal business practices, we regularly evaluate existing TD Bank stores, which may result in some closures, consolidations, or relocations as we look for opportunities to better align our network of stores with customer needs and preferences."

However, this comes after TD Bank pleaded guilty to conspiring to launder money back in October, according to the Department of Justice, making it the first national bank to do so.

The bank is accused of enabling employees to transfer more than $670 million through accounts between 2019 and 2023.

TD Bank faces a combined $1.8 billion penalty. The DOJ says it's the largest penalty imposed under the Bank Secrecy Act.

After June, TD Bank will have 216 stores left in New Jersey.