Webster Bank Designates Branch in Manchester for Closure

MANCHESTER, CT — A Manchester branch is slated for closure in a move by Waterbury-based Webster Bank to shutter eight branches across four states, including three in Connecticut.

The closings are designated to take place over a two-month period in the spring, according to a news release issued on Tuesday.

"Webster Bank, a leading regional bank serving businesses and consumers in the Northeast, is continuing the optimization of its banking center network to better serve its customers as their preferences for online and mobile banking continue to grow," the company said in a statement.

That's a fancy way of saying traditional branches are being pushed aside by electronic banking.

According to a plan outlined in a news release, the consolidation process includes eight branches.

The first is slated for banking centers. The first will take place on April 7 at 51 East Parkway in
Scarsdale, NY.

Three days later, Connecticut gets it with branches in at 105 Mill Plain Road in Danbury and at 320 Middle Turnpike West in Manchester are slated for closing, according to a news release.

The third Connecticut closing is scheduled for May 26 at 1160 Silas Deane Highway, Wethersfield, according to a news release.

The other closings are in Rhode Island and Massachusetts, according to a news release.

The closures are part of Webster’s "long-term banking center optimization program" that began in 2011, Bank officials said.

Webster’s overall banking center teller transactions declined nearly 40 percent from 2010 to 2016, according to a news release.

In addition, 47 percent of Webster’s "checking account households" are now served by mobile banking and "self-service deposits" now represent 40 percent of all deposits, according to a news release.

“We continue to evaluate our network to ensure that our banking centers efficiently balance our physical and digital banking channels in response to rapidly changing customer expectations,” said David Miree, executive vice president, consumer deposits and investments at Webster. “At the same time, we concurrently invest in high-opportunity markets and modernize the overall banking experience. Banking centers are, and will continue to be, the cornerstone of our service culture, which is based on relationship development.”

Employees at the the affected banking centers will be given an opportunity to be reassigned within the Webster structure, bank officials said.

Webster closings in Connecticut have left some towns with commercial vacancies. The former branch in Enfield's Scitico Plaza has been vacant since late 2014.

Photo Credit: Mia Jensen