M&T Bank has announced plans to close eight branch locations situated within Stop & Shop stores across Connecticut by the end of April. This decision reflects the bank’s ongoing efforts to adapt its operations to better meet the evolving needs of its customers.
According to a bank spokesperson, the closures will occur in two phases. Four branches will shut down on April 16, 2024, including those located at 2331 Dixwell Ave. in Hamden, 489 Bushy Hill Road in Simsbury, 200 E. Main St. in Stratford, and 50 Windsorville Road in Vernon. The remaining four branches, located at 4531 Main St. in Bridgeport, 1364 E. Town Road in Milford, 1790 Post Road East in Westport, and 5 River Road in Wilton, are set to close on April 30, 2024.
In addition to these closures, two other branch locations at 931 Torringford St. in Torrington and 410 Reidville Drive in Waterbury will also be affected. However, M&T Bank has confirmed that it has secured new leases for standalone branches in both Torrington and Waterbury.
The spokesperson emphasized the bank’s commitment to maintaining its presence in Connecticut, stating, “As the needs of our customers continue to evolve, we are committed to adapting our branch network to best serve our communities.” They further described the bank’s strategy as focused on ensuring that the services offered align closely with customer requirements.
M&T Bank, which operates a total of 155 branches and ATMs within Connecticut, has stated that the impacted branch locations will be replaced with standalone ATMs. The closures will not result in layoffs, as employees from the affected branches will be offered positions at other locations.
Currently, M&T Bank employs approximately 2,100 people in the state and holds the third-highest amount of in-state deposits. The bank underwent a merger with the former People’s United Bank in 2022, strengthening its position in the region.
As part of its ongoing review process, M&T Bank regularly evaluates its branch network based on various factors to ensure optimal service delivery. The bank aims to increase the number of full-service branches in the state, with the spokesperson noting that the new locations in Torrington and Waterbury will enhance its service capabilities.
This strategic shift highlights M&T Bank’s focus on meeting customer needs while adapting to the dynamic banking landscape. The changes are part of a broader trend in the banking sector, where institutions are increasingly re-evaluating their physical branch presence in response to changing consumer behaviors and preferences.
