People's United Bank To Close All NY Stop & Shop Branches

Patchogue NY

22 January, 2021

4:45 PM

Description

NEW YORK — People's United Bank announced on Thursday it will close all of its Stop & Shop branches in New York and Connecticut. There are 56 branches in Connecticut. In a statement, company CEO Jack Barnes said the decision to close the branches came as customers prefer more "digitally-driven" banking experiences. "Given these accelerating digital banking trends and shifts in retail shopping behavior, we announced today the decision not to renew our existing in-store branch contracts with Stop & Shop in Connecticut and New York upon expiration in 2022," Barnes said. "This decision enables us to further optimize our branch network, while providing the same level of personalized service across each of our channels." There are 101 traditional People's United Bank branches in the state. Nearly 80 percent of the Stop & Shop branches are located less than 5 miles from a traditional branch, the company said.