Bank Of America To Close A Stamford Branch Location: Report

STAMFORD, CT — Bank of America is planning on closing one of its Stamford branch locations, according to a report from the Hartford Business Journal. Details on a potential closing date were not mentioned.

The bank recently notified the federal Office of the Comptroller of the Currency about its plans to close the branch at 417 Shippan Ave.

Citing data from the Federal Deposit Insurance Corporation, the branch, as of June 30, 2022, held $121.8 million in deposits, the lowest amount between Bank of America's six Stamford branches, Hartford Business Journal reported.

Other Bank of America branches in Stamford are on Atlantic Street, High Ridge Road, Church Street and West Main Street.

Additionally, the news outlet shared that Bank of America represents Connecticut's deposit market share leader, controlling about 25 percent of bank deposits in the state.

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.

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

Citizen's Bank will close its Amity Road branch in Woodbridge, according to The New Haven Register. The location will close Oct. 18.

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

Read more from the Hartford Business Journal

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