
Webster Bank of Waterbury will be closing its 8 branches across four states in the US, including 3 branches in Connecticut, during a 2 month period in this spring.
Back officials said that they will be closing their branches, starting from early April and all the 8 branches will be closed by the end of May.
The 3 Connecticut branches which will be going to close are:
105 Mill Plain Road, Danbury.
320 Middle Turnpike, Manchester.
1160 Silas Deane Highway, Wethersfield.
Webster’s spokesperson Sarah Barr said there are total 28 employees working at 8 branches that are going to be closed, among them half of the workers work in the Connecticut branches. All those employees will be given an opportunity to be reassigned within the company.
The banks are being closed because of a decline in the use of bank tellers for customer cash transactions due to the increase of mobile banking technology.
The teller cash transactions at Webster’s 175 bank branches in New York, Connecticut, Massachusetts and Rhode Island declined almost to 40 % from 2010 to 2016. During the same time, 47 % of Webster’s checking account households are now served by mobile banking.
Webster’s executive vice president for consumer deposits and investments David Miree, said that the bank is evaluating, how well that its branches across the country are serving the customers.
Miree said in a statement that “Banking will continue being the cornerstone of the service culture on the relationship development.
He also said that “They will continue to evaluate their networks to ensure that their baking centers efficiently balance their physical and digital banking channels due to a rapid change in customer expectations.
The branches that are closing are typically less than two miles from another Webster branch, company officials said.
The president of the Bank Analysis Center John Carusone,said that a financial firm like Webster are evaluating the profitability of their individual branches.
AMandeep