New Chase Bank Branch Planned For Groton

GROTON, CT — Since 2019, Chase Bank says it has opened 18 new branches throughout the state, and now there are plans to add even more.

Chase said it plans on investing in more branches in Bloomfield, Groton, New Britain, North Haven, Old Saybrook and Torrington over the next two years. There are currently 59 branches in the state.

"The opening of a branch in Groton underscores our commitment to the region. We selected this area for multiple reasons, including foot traffic, commuter accessibility and a strong consumer and small business market," Cynthia Frederick, regional director of the Consumer Bank in Connecticut, Chase, said in a statement to Patch. "Our retail expansion allows us to do even more for our customers, invest in the local economy and give back to the communities where our employees live and work."

Chase did not provide details on a timeline for the branch to open. Hartford Business Journal previously reported a full-service branch would be located on Poquonnock Road.

While Chase is expanding, there have been a growing number of bank branches closing across Connecticut over the past few years as people have moved more toward online banking.

Wells Fargo announced plans earlier this year to close branches in Danbury, Darien, Monroe and Waterbury. Webster Bank said in March it would close its Old Saybrook location, and The Milford Bank said it would close a branch this fall.

In 2022, it was announced that seven People's United-M&T Bank branches inside Stop & Shop Supermarkets would close.

A January 2022 Patch report noted that a trend toward online banking during the COVID-19 pandemic led to a 38 percent spike in retail bank branch closings across the country in 2021. Connecticut saw a net loss of 59 banks in 2021.

"Our strategy is unique relative to our peers. We are the only major bank with significant investments in new branches, adding more than 650 over the last five years, including delivering on our commitment to build 400 branches in 25 new states," Chase said in a statement to Patch.

"We know that to serve the diverse needs of our customers we need to be present in the community so we’re opening new branches where it makes sense, both in neighborhoods that are growing, and ones where there aren’t enough branches. Our goal is to have the right branches in the right communities and serve the financial needs of our diverse customers."

In Greenwich, Chase consolidated two branches into a flagship location on Greenwich Avenue. A branch in Old Greenwich is slated for closure in early 2024.