Middletown-based Liberty Bank wants to close three of its 54 branches, reflecting decreased use as customers increasingly transition to online services.
The bank, which has $8.18 billion in assets, informed the Connecticut Department of Banking on May 22 of plans to close three branches this November, including:
• 445 W. Main Street, Branford
• 1009 New Haven Road, Naugatuck
• 116 Bridge Road, Haddam
The COVID-19 pandemic accelerated declining use of branches by prompting many branch users to try online options, said Minnie Saleh, Liberty’s senior executive vice president and chief retail banking officer.
The decline in in-person banking occurred even as Liberty’s customer base grew, she said.
“Though our branch network remains, and will continue to remain, an important and integral channel, given the migration we are experiencing by our customers towards digital channels, there isn’t a need to have as many branches as in the past,” Saleh said.
Liberty is focused on providing customers a “seamless experience” regardless of their banking venue, and continues to make significant investments in staff, technology, products and services, Saleh said.
“While it is always a difficult decision to close a branch, several factors were considered in determining which branches to close, including branch customer transaction volumes, the proximity to the next closest branch, profitability, and market share penetration,” Saleh said.
There are no immediate plans to open or close additional branches, but the bank will continue to assess its brick-and-mortar network, she said.
Other banking news
Separately, Banking Commissioner Jorge Perez has approved the application of Michigan-chartered Northpointe Bank to open a loan office in Old Saybrook. That office is scheduled to open around May 30.
Perez has also approved the application of New Haven Firefighters Credit Union to relocate its main office from 350 Ferry St. to 7 Elm St. in New Haven. The target date for the move is June 1.
