After years of closing or mostly neglecting physical bank branches across the U.S., the nation’s largest banks are spending hundreds of millions of dollars on refurbishing old locations or building new ones, and in the process changing the look, feel and purpose of the local bank branch.
Thomaston Savings Bank has opened a new limited-service branch inside Thomaston High School.
Providence-based Citizens Financial Group Inc. has completed the acquisition of 80 HSBC Bank U.S.A.’s East Coast branches, as well as HSBC’s national online deposit business.
Torrington Savings Bank has opened a new branch in Bristol, further extending its reach into Hartford County.
JPMorgan Chase has bought a Madison property once occupied by a Guilford Savings Bank branch.
Winsted-based Northwest Community Bank opened its first Simsbury branch in December and recently held a ribbon-cutting ceremony at the new location. The branch is fully-operational through its drive-up window, ATM and scheduled appointments inside with branch personnel to comply with safety protocols.
A bank branch building in West Hartford has sold for $7.8 million.
The local bank branch may still have more relevance than people think: a new study suggests many people not open a checking account with a local financial institution due to limited branch and ATM locations.
