Process Under Way To Close 7 Stop & Shop Bank Branches In Connecticut

CONNECTICUT — The closings of seven People's United-M&T Bank branches inside Stop & Shop Supermarkets have been put in motion.

The required 90-day notice has been filed with state banking regulators by M&T, which was actually looking on from the perimeter when the plan was first announced.

The branches designated to close are located in:

• Bristol
• New Fairfield
• Newtown
• Norwalk
• Pawcatuck
• Vernon (Pitkin Road)
• Windsor

Here is the timeline on the closings:

• In January 2021, before M&T announced the $8.3 billion acquisition of People’s United, People's announced the closing of its Stop & Shop locations.
• In February 2021 M&T and People's United announced the merger.
• In August 2021, People's issued an announcement that indicated it had reached an agreement to keep 27 Stop & Shop branches open.
• M&T flollowed that up by honoring the agreements after the closing.
• On April 2, 2022 the acquisition closed.
• People's then gave the notice for the doomed seven branches.

Some of the supermarket branches closed even before the merger. The latest seven just so happen to represent the first group after the acquisition closed and are being shuttered "over time," an M&T official said.

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The official said all impacted employees are being offered jobs within M&T, something the banks stressed in 2021.

Records show that a total of 1,959 People’s United employees in Connecticut are being retained. The People’s United roster is to be cut by 747 workers, M&T officials have said.

According to the 2021 announcement, the 27 branches remaining open are: