People's United Store Branches To Require Advance Closing Notice

HARTFORD/TOLLAND COUNTIES, CT — People's United Bank branches in Stop & Shop supermarkets will not close at least for a year.

That was the word from a staffer at an area branch Monday. The staff explained it would take some time for leases to expire.

Also, bank officials said 90 days' notice would be given before an individual branch closes.

People's United Bank last Thursday announced it will close all its branches at Stop & Shop supermarkets in Connecticut and New York. The bank maintains 84 Stop & Shop branches in Connecticut and 56 in New York.

It could take several years for the branches to be phased be phased out, officials said.

Bank officials said the cost savings for not renewing its Stop & Shop contracts will allow "greater investment in digital resources."

"Our focus remains on personalized relationships and balancing the needs of our customers, that will not change," People's Bank CEO Jack Barnes said. "Recent acquisitions have allowed us to optimize our branch footprint and as a result, our Stop & Shop branch distribution closely mirrors that of our traditional branches. Customers will maintain nearly the same access to a nearby traditional branch, augmented by our digital banking channels where they can conduct many of the same transactions as they would in a branch 24 hours a day."

Nearly 80 percent of in-store Stop & Shop branches are located less than 5 miles from a traditional branch, according to the announcement.

Here is a transcript of a letter sent to customers Friday:

Your business is important to us, which is why we want to communicate a recently announced change that will impact our branch and ATM locations in Stop & Shop supermarkets in Connecticut and New York. People's United Bank has made the decision to exit from Stop & Shop locations. Importantly, there will be no current impact to you as our exit will not begin immediately and is anticipated to occur over several years. As additional details on the exact timing of the exit are finalized, we are committed to sharing with you well in advance.

Although the Stop & Shop relationship has provided meaningful value to the Bank and our customers over the years, customer banking preferences and retail shopping behaviors have significantly evolved. Our goal is to continually personalize the banking experience across the channels through which you may interact with us. The exit will allow us to further invest in our digital capabilities and strengthen our traditional branch network, as well as enhance the tools bankers use to tailor the customer experience, for both retail and business customers. What will remain constant is our commitment to our relationship with you.

You will continue to see many of the bankers with whom you are familiar, and once the exit is complete, in most cases you will maintain the same convenient access to a nearby traditional branch generally less than five miles away from the Stop & Shop location. We will provide a minimum of 90 days' notice prior to the branch closure.

Once the exit is complete, we will further evaluate our presence in those regions where access to a near-by branch may be impacted. As a reminder, you can conduct many of the same transactions as you would in a branch from our mobile app and online banking including depositing checks, opening an account and applying for a loan 24 hours a day.