People's United Bank May Keep Some Stop & Shop Branches Open

Bridgeport CT

03 February, 2021

11:37 AM

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BRIDGEPORT, CT — People's United Bank is in talks with Stop & Shop to keep some of its in-store branches open for business, according to The Hartford Business Journal. The news comes after the bank announced plans to phase out all branches in Stop & Shops in Connecticut. However, Bridgeport-based People's United Bank is now saying that a handful of in-store branches could be kept open under the right conditions. They said that talks with Stop & Shop are "positive and ongoing for the potential of a modest number of in-store branches to remain open in strategic locations," The Hartford Business Journal reported. Last month, People's United Bank announced it would close all its branches at Stop & Shop supermarkets in Connecticut and New York, according to a statement from the company. The bank operates 84 Stop & Shop branches in Connecticut and 56 in New York. The stores are expected to be phased out over the next several years. The announcement was made as increased use of online and mobile banking has led to fewer customers using physical branches. The bank said the cost savings for not renewing its Stop & Shop contracts will allow greater investment in digital resources. Nearly 80 percent of in-store Stop & Shop branches are located less than 5 miles from a traditional branch, the company said. Banks have been closing branches over the last several years across the state. Webster Bank recently announced it will close 16 branches across the state. People's Bank previously announced the closing of 19 branches in Connecticut in 2019. See related: People's United Bank To Close All CT Stop & Shop Branches Webster Bank Closing 16 Connecticut Branches