Photo courtesy of Liberty Bank
Middletown-based Liberty Bank plans to close six branches, joining several other banks that have recently announced plans to reduce their footprints in Connecticut.
The largest mutual bank in Connecticut with $7.2 billion in assets, Liberty Bank has 59 branches in every Connecticut county except Litchfield and Fairfield counties, according to FDIC data. The bank filed plans last week with the Connecticut Department of Banking to close two branches each in Hartford and New Haven counties, along with one in New London County and another in Middlesex County. The branches are scheduled to close on Oct. 1.
In an email to The Commercial Record, Liberty Bank said it continuously evaluates all aspects of its business, including the branch network and ways to reinvest in the bank. Factors that Liberty said it considers when deciding to close locations include branch profitability, growth of households and deposits, deposit mix, transaction volume and market penetration.
“In addition, we always monitor and respond to our customers’ changing banking habits, advancements in technology and the presence of competitor banks in our markets,” the statement said. “As a result of our thorough research and after thoughtful discussion, we submitted applications to close these six branches.”
Liberty said it has not identified any other branches to close at this time and added that the bank would continue to evaluate all aspects of its business, including the branch network, “to make sure it aligns with customer expectations and customer banking needs within our footprint.”
The branches closing are at:
- 127 South Main St., Beacon Falls
- 774 Farmington Ave., Bristol
- 7 Main St., Essex
- 61 Bank St., New London
- 1570 Southford Road, Southbury
- 1232 Farmington Ave., West Hartford
No layoffs are planned as part of the branch closings, Liberty Bank said, noting its commitment “to making every effort to relocate our teammates to other opportunities in our branches.”
Branch reductions across the banking industry have been driven in part by changing consumer habits and the acceleration of digital banking
Several regional and national banks have filed plans over the past six months to close branches in Connecticut and other states, including Santander Bank, TD Bank, KeyBank, Waterbury-based Webster Bank and Boston-based Berkshire Bank. Before announcing its sale to M&T Bank, Bridgeport-based People’s United Bank said it would close branches in Stop & Shop stores over the next couple of years. Bank of America has also been filing plans with its regulator over the past six months to close at least 11 branches in Connecticut.
