WFCN –
Two branches will remain in the neighborhood after a US bank’s unexpected branch closure in late September, according to sources.
One of Santander’s Connecticut bank branches will be closing on September 19th.
The West Hartford location of one of the three Santander branches will permanently close on September 19, as reported by Patch.com.
Federal officials were informed of the plan last week in a filing.
Although the physical branch will be closing, a Santander representative assured the outlet that the ATM at the Boulevard branch will continue to operate.
At the same time, West Hartford’s second Santander branch will be taking over most of the Boulevard location’s functions.
There is a merging between the Boulevard and Farmington Avenue branches, which is only two miles distant.
Main Street houses the last surviving Santander location.
A small number of ATMs located within West Hartford CVS pharmacies are also managed by the bank.
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There is less need for physical stores because to users’ changing behavior, which has led to the latest closure.
Speaking with Patch.com, Santander verified that an increasing number of clients choose to use their services online rather than in-store.
This is the eleventh Santander branch to close in Connecticut since 2019 (including the West Hartford facility), according to CT Insider.
This tendency is widespread across the country; several banks have closed their doors because their customers prefer online banking.
The number of established branches in the Constitution State has been steadily declining since 2018, according to statistics from the FDIC.
Hartford Business Journal data shows a 16% decline in the number of state-licensed banks from June 30, 2018, to 2023.
Compared to 973 in 2023, there were 1,159 operating branches throughout Connecticut banks on June 30, 2018, according to FDIC data.
Among the state’s banks, Santander has been reducing back on branch locations, going from 32 in 2014 to just 15 by 2023 (according to FDIC data).
This announcement was made at an annual meeting in Madrid in March by Santander’s executive chair, Anna Botin. Botin stated that the business is “embarking on a global transformation to become a digital bank with branches.”
There were more than 220 bank branch closures nationwide in the first two months of 2024, according to data from the Office of the Comptroller of the Currency.
The three largest bank closures in the last eight weeks were Bank of America (92 branches), US Bank (98 branches), and Citizens Bank (100 branches).
Us Bank announced the closure of seven sites in just one week, indicating that major closures are occurring, but at a slower pace.
Bank of America and Chase were also involved in the closures, with six and two locations respectively.
Banks in Illinois, New Jersey, California, and Wisconsin revealed 15 closures in early July when they filed reports with the OCC.
A number of East Coast branch closures were revealed last month by TD Bank, and more are expected to leave before the year ends.
As more and more people use online banking and struggling locations are closed, over 400 branches throughout the country have gone dark this year.
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