People’s United Bank to close 15 branch locations
People’s United Bank, the Bridgeport-based subsidiary of People’s United Financial, announced Monday it plans to close 15 Hartford County branches in January following the October acquisition of First Connecticut Bancorp, parent company to Farmington Bank, in a $544 million stock transaction announced over the summer.
“We worked closely with Farmington Bank’s management team to carefully evaluate and determine how we can best integrate and optimize our combined branch network, both Stop & Shop and traditional locations, to best serve the needs of our customers.” said Sara Longobardi, senior executive vice president of retail banking at People’s United Bank in an emailed statement to Hearst Connecticut Media. “We looked at factors including proximity, access to our technology and bankers, ATMs and extended-hour service locations. We feel our new footprint in the region will give us a stronger, more customer-facing presence.”
Most of the closures are of current Farmington Bank locations, with the rest to take the People’s United Bank banner.
Closures are expected to happen between Jan. 24 and Jan. 26 and will be in towns including Farmington, West Hartford and Manchester.