According to People’s United Bank, the company is in talks with Stop & Shop to keep at least some of its branches open.
The Bridgeport-based lender made a statement suggesting that a handful of meters should be spared under the right conditions, a change from its previous position that all of these branches would eventually cease operations.
“We are still fully invested in our branch network and will continue to examine ways to strengthen our branch presence,” the statement said. “The discussions with Stop & Shop are positive and ongoing, so that the potential of a modest number of branches in strategic locations remains open. Once these decisions are finalized, we will provide details in good time. “
The company did not specify which branches could 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, significantly reducing the presence of the company’s retail business.
Sara Longobardi, Senior Executive Vice President, Retail Banking at People’s United, attributed the move to changing customer preferences, who recently preferred online banking to face-to-face office visits.
The lender has offices in 84 Stop & Shop branches in Connecticut, including East Hartford, Enfield, Glastonbury, Manchester, South Windsor, Vernon and Windsor, among others.
The message indicated that the closings will come over several years, not days or weeks, so customers won’t see an immediate impact.
The bank announced that it would give a notice period of at least 90 days prior to each branch closure.
People’s United supervisors have not disclosed how many employees could lose their jobs as a result of the restructuring. Officials only said customers “will continue to see many of the bankers they are familiar with”.
The decision to pull out of the Stop & Shop supermarkets comes a little over a year after People’s United Bank began closing locations as part of the $ 759 million buyout of Hartford-based United Bank. The company eventually closed 18 former United Bank branches, including 11 in north-central Connecticut.
That number included bank counters at the Big Y World Class Markets in Enfield and Manchester.
Zach covers all topics that fall under the business. His coverage may include local business openings and closings, unemployment trends, details of developments in large businesses and utilities, and an examination of the impact of government policies and regulations on the private sector. For more information on doing business in north-central Connecticut, contact Zach on Twitter: @ZachVasileJI.