BRIDGEPORT, CT — People’s United Bank on Thursday announced it will close all its branches at Stop & Shop supermarkets in Connecticut and New York, according to a statement from the company.
The bank operates 84 Stop & Shop branches in Connecticut and 56 in New York. The stores are expected to be phased out over the next several years.
The announcement was made as increased use of online and mobile banking has led to fewer customers using physical branches. The bank said the cost savings for not renewing its Stop & Shop contracts will allow greater investment in digital resources.
“Our focus remains on personalized relationships and balancing the needs of our customers, that will not change,” People’s Bank CEO Jack Barnes said in a statement. “Recent acquisitions have allowed us to optimize our branch footprint and as a result, our Stop & Shop branch distribution closely mirrors that of our traditional branches. Customers will maintain nearly the same access to a nearby traditional branch, augmented by our digital banking channels where they can conduct many of the same transactions as they would in a branch 24 hours a day.”
Nearly 80 percent of in-store Stop & Shop branches are located less than 5 miles from a traditional branch, the company said.
Banks have been closing branches over the last several years across the state. Webster Bank recently announced it will close 16 branches across the state. People’s Bank previously announced the closing of 19 branches in Connecticut in 2019.