M&T Bank has announced plans to close eight branches located within Stop & Shop stores across Connecticut by the end of April. The New York-based bank, which operates 155 branches and ATMs statewide, will cease operations at these locations as part of its ongoing strategy to adapt to changing customer needs.
The closures will take effect on two key dates: April 16 and April 30, 2024. Branches in Hamden, Simsbury, Stratford, and Vernon are among those set to close on April 16, while additional locations in Bridgeport, Milford, Westport, and Wilton will follow suit on April 30. Affected branches will be replaced by standalone ATMs, ensuring that customers still have access to essential banking services.
Details of the Closures and Future Plans
In addition to the Stop & Shop locations, M&T Bank will also close branches at 931 Torringford Street in Torrington and 410 Reidville Drive in Waterbury. However, the bank has confirmed that it has secured leases for new standalone branch locations in both Torrington and Waterbury.
A spokesperson for M&T Bank stated, “As the needs of our customers continue to evolve, we are committed to adapting our branch network to best serve our communities.” The bank emphasized its dedication to providing superior customer service and guidance, which it aims to achieve through investments in new branch locations.
M&T Bank conducts regular evaluations of its branch network, assessing various factors to determine where it can best meet community needs. The spokesperson highlighted the intention to increase the number of full-service branches in Connecticut, with upcoming standalone branches in Torrington and Waterbury reflecting this goal.
No Layoffs Expected Amid Changes
The bank has assured that the closures will not result in job losses for employees at the affected branches. M&T Bank plans to offer positions to these employees at nearby branches, maintaining its workforce throughout this transition. Currently, approximately 2,100 individuals are employed by M&T Bank in the state.
M&T Bank holds a significant position in Connecticut, ranking third in terms of in-state deposits. The bank merged with the former People’s United Bank in 2022, further solidifying its presence in the region.
In conclusion, M&T Bank’s decision to close these branches reflects its ongoing commitment to adapt to customer preferences while continuing to invest in the future of banking in Connecticut.
