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Stop & Shop to keep some in-store People’s United bank branches

Plan to close 140 locations to exclude a third of Connecticut banking centers

Russell Redman

August 9, 2021

2 Min Read
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Stop & Shop will retain 27 People’s United Bank in-store branches in Connecticut that had been slated for closure.Russell Redman

Stop & Shop will retain 27 of 140 People’s United Bank in-store branches previously slated for closure as part of the financial institution’s pending acquisition by M&T Bank.

All of the People’s branches to remain open are at Stop & Shop stores in Connecticut. In late January, Bridgeport, Conn.-based People’s announced that it wouldn’t renew its in-store branch contracts, including corresponding ATMs, with Stop & Shop supermarkets in New York and Connecticut.

Through the end of last week, Stop & Shop had 84 People’s in-store branches in Connecticut and 41 in New York. People’s had 56 locations at New York Stop & Shop stores when it announced the branch closing plan. The bank is slated to shut the Stop & Shop branches via phases over several years, starting in 2022. Customers of the impacted locations will receive 90 days’ notice of the impending closures.

“Stop & Shop is pleased that 27 People’s United branches will remain open in Connecticut,” Stop & Shop spokeswoman Maura O’Brien said in a statement. “No decisions have been made on what will occupy those spaces, since People’s United branches will continue to operate through 2022 and beyond.”

The Stop & Shop People’s branches staying open are in New Haven (11 locations), Fairfield (eight), Hartford (three), Middlesex (three), Litchfield (one) and Tolland (one), Conn.

Related:Hy-Vee Financial Services rolls out to eight-state market

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Currently, Stop & Shop has 84 People’s in-store branches in Connecticut and 41 in New York.

 

Overall, more than 300 of Stop & Shop’s 400-plus supermarkets across the Northeast offer in-store banking services through various financial services partners. The Quincy, Mass.-based grocery chain is part of Ahold Delhaize USA.

Along with the M&T merger, People’s cited changing customer banking preferences and retail shopping behavior as reasons for closing the Stop & Shop branches, noting that consumer and business use of online and mobile banking platforms continues to rise. The bank also said nearly 80% of in-store Stop & Shop branches are less than five miles from a full branch location.

“We are pleased to have reached an agreement with Stop & Shop that will ensure customers in strategic locations statewide maintain continued convenient access to in-store banking services, particularly in low- and moderate-income communities, where nearly half of the retained branches are located,” stated Jeff Tengel, president of People’s United Bank, a subsidiary of People’s United Financial. “We remain committed to serving our customers across the channels in which they prefer, including through our many digital banking capabilities and in our branches, now and once the merger with M&T Bank is complete. I want to thank Stop & Shop for their continued partnership.”

Related:H-E-B helps customers access federal stimulus funds

People’s operates more than 400 retail branches in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine. The merger with M&T is expected to close in the fourth quarter of 2021.

Read more about:

Ahold Delhaize USA

About the Author

Russell Redman

Senior Editor
Supermarket News

Russell Redman has served as senior editor at Supermarket News since April 2018, his second tour with the publication. In his current role, he handles daily news coverage for the SN website and contributes news and features for the print magazine, as well as participates in special projects, podcasts and webinars and attends industry events. Russ joined SN from Racher Press Inc.’s Chain Drug Review and Mass Market Retailers magazines, where he served as desk/online editor for more than nine years, covering the food/drug/mass retail sector. 

Russell Redman’s more than 30 years of experience in journalism span a range of editorial manager, editor, reporter/writer and digital roles at a variety of publications and websites covering a breadth of industries, including retailing, pharmacy/health care, IT, digital home, financial technology, financial services, real estate/commercial property, pro audio/video and film. He started his career in 1989 as a local news reporter and editor, covering community news and politics in Long Island, N.Y. His background also includes an earlier stint at Supermarket News as center store editor and then financial editor in the mid-1990s. Russ holds a B.A. in journalism (minor in political science) from Hofstra University, where he also earned a certificate in digital/social media marketing in November 2016.

Russell Redman’s experience:

Supermarket News - Informa
Senior Editor 
April 2018 - present

Chain Drug Review/Mass Market Retailers - Racher Press
Desk/Online Editor 
Sept. 2008 - March 2018

CRN magazine - CMP Media
Managing Editor
May 2000 - June 2007

Bank Systems & Technology - Miller Freeman
Executive Editor/Managing Editor
Dec. 1996 - May 2000

Supermarket News - Fairchild Publications
Financial Editor/Associate Editor
April 1995 - Dec. 1996 

Shopping Centers Today Magazine - ICSC 
Desk Editor/Assistant Editor
Dec. 1992 - April 1995

Testa Communications
Assistant Editor/Contributing Editor (Music & Sound Retailer, Post, Producer, Sound & Communications and DJ Times magazines)
Jan. 1991 - Dec. 1992 

American Banker/Bond Buyer
Copy Editor
Oct. 1990 - Jan. 1991 

This Week newspaper - Chanry Communications
Reporter/Editor
May 1989 - July 1990

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