People’s United Bank says it’s in talks with Stop & Shop to keep at least some of its in-store branches open.
The Bridgeport-based lender suggested in a statement it could spare a handful of counters under the right conditions, a change from its earlier position that all such branches would eventually cease operations.
“We remain fully invested in our branch network and will continue to evaluate opportunities to strengthen our branch presence,” the statement read. “Conversations with Stop & Shop are positive and ongoing for the potential of a modest number of in-store branches to remain open in strategic locations. As these decisions are finalized, we will communicate details well in advance.”
The company did not specify which in-store offices might ultimately be saved.
People’s United Bank sent a message to customers on Jan. 21 announcing plans to withdraw from all Stop & Shop supermarkets in Connecticut and New York, substantially shrinking the company’s retail banking footprint.
Customer trends change
Sara Longobardi, who serves as senior executive vice president of retail banking at People’s United, attributed the move to changing customer preferences, which have recently favored online banking over in-person office visits.
The lender has branches in 84 Stop & Shop stores in Connecticut, including locations in East Hartford, Enfield, Glastonbury, Manchester, South Windsor, Vernon, and Windsor, among others.
The message noted the closures will take place over several years, not within days or weeks, so customers will not see an immediate impact.
The bank said it will give at least 90 days’ notice prior to each branch shutdown.
People’s United higher-ups have not disclosed how many employees could lose their jobs due to the restructuring. Officials said only that customers “will continue to see many of the bankers with whom (they) are familiar.”
The decision to withdraw from Stop & Shop supermarkets comes a little more than a year after People’s United Bank began shuttering locations it absorbed as part of its $759 million buyout of Hartford-based United Bank. The firm ultimately closed 18 former United Bank branches, including 11 in the north-central portion of Connecticut.
That figure included bank counters at the Big Y World Class Markets in Enfield and Manchester.
