Bank Branch At Milford Mall Plans Closure: Report

MILFORD, CT — Bank of America has announced it will close another of its Connecticut branches. The bank has notified the federal Office of the Comptroller of the Currency that it plans on closing the branch at the Connecticut Post Mall in Milford, The Hartford Business Journal reported.

The bank has a second location in Milford at 21 Broad St.

Federal Deposit Insurance Corp. data shows the mall location held $128.8 million in deposits as of June 30, 2023. The Broad Street branch had $182.5 million in deposits, according to The Hartford Business Journal.

Charlotte-based Bank of America announced last year that it would close three other branches in Connecticut in Hartford, Norwalk, and Cos Cob. Those three are scheduled to close in August.

More bank branches have closed in Connecticut in recent years as people have moved toward online banking.

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.

Last year, Wells Fargo announced it would close locations in Danbury, Darien, and Waterbury. A branch in Monroe also closed last June, as did a Webster Bank branch in Old Saybrook.

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

Overall, the number of bank branches in operation shrank by 16 percent from 2018 to 2023, according to The Hartford Business Journal.

See related: Bank Of America To Close 3 CT Branches, Including In Hartford

Patch staffers Richard Kaufman, Saul Flores, Rich Kirby, Chris Dehnel, and Chris Rhatigan contributed to this story.