Spain-based Santander Bank has informed federal regulators it plans to close a branch in West Hartford.
The branch is located at 1040 Boulevard, and it held $74.5 million in deposits as of June 30, 2023, according to Federal Deposit Insurance Corp. data.
Santander Bank recently notified the federal Office of the Comptroller of the Currency of the pending closure. A closing date was not provided.
Banks across Connecticut and the country have been trimming their branch footprints in recent years as more consumers use online banking services and as a way to cut costs.
Banks operating in Connecticut had 973 branches in the state as of June 30, 2023, down 16% from the 1,159 branches they had as of June 30, 2018, FDIC data shows.
Santander has been particularly aggressive in reducing its brick-and-mortar footprint in the state. As of June 30, 2023, Santander had 15 branches and $1.8 billion in deposits in Connecticut, FDIC data shows.
That’s down from 32 branches it had in the state a decade ago, as of June 30, 2014, according to FDIC data.
