TD Bank will close its Cambridge Street office on September 20, the company has announced. The closure, first reported by the Boston Business Journal, is one of seven announced throughout Massachusetts.

The Journal reported that TD Bank had posted $20.8 billion in deposits in Massachusetts as of June 2023, which was a $1.3 billion drop from the year prior, but that it had not said whether the closures were related to this.

Other banks have also closed branches in the area in recent years. In 2023 Santander Bank closed its location at the intersection of Beacon and Charles Streets. Some years prior in the height of the pandemic, the Hingham Institute for Savings its long-time Beacon Hill branch closed on Charles Street.

These closures are partially due to the rise of online banking, which Santander cited as a factor in its decision.

“So many people use electronic banking that it’s very seldom to have an issue where you must go into the actual branch to do business,” said Colin Zick, president of the Beacon Hill Business Association. “I think our view was that we were getting too many banks. Banks were often opening, not so much as a means to provide service, but to have a space advertising their existence.”

But in Beacon Hill’s vibrant retail district, liveliness is also a factor. Zick said that the area around TD Bank was notably less frequented than the rest of the street.

“Frankly, as somebody who passed by that space, I rarely saw anyone, so I have no doubt that it was lightly used,” Zick said. “There’s a lot of potential to make that a more vibrant, contiguous block, but then you’ve got a big dead space with a bank. I wish nothing but continued success to TD Bank, but I’m hopeful that something a little more lively pops in there.”

Additionally, zoning restrictions for the retail district strongly discourage office locations in first floor or basement spaces. The Business Association notifies property owners in the area that they can rent to retail shops without special permission, but that spaces like personal offices, agency offices, health clinics or bank branches are conditional and require review and approval.

“When Hingham Savings left, there was another proposal for another bank to quickly follow, and the business community and the residential community objected because they preferred to have a more lively business,” said State Representative Jay Livingstone, who serves Beacon Hill.

“Some of the options on Cambridge Street that have come in have been fantastic. Cobblestones is a great lunch place that has gone in. There’s a new cat coffee bar. There’s Beacon Hill Books and Cafe. Those type of businesses enliven the street and are what residents of Beacon Hill would like to see more of.”