CONNECTICUT (WTNH) — People’s United Bank announced it will not be renewing its existing in-store branch contracts with Stop & Shop supermarkets in Connecticut and New York.
The company said the exit will not be immediate, so customers will see no current impact. The separating is anticipated to occur over several years using a phased approach.
“I want to thank Stop & Shop for their continuous collaboration, partnership and teamwork in what has been a successful and beneficial relationship for more than two decades,” said Jack Barnes, Chairman & CEO, People’s United. “Our focus remains on personalized relationships and balancing the needs of our customers, that will not change. Recent acquisitions have allowed us to optimize our branch footprint and as a result, our Stop & Shop branch distribution closely mirrors that of our traditional branches. Customers will maintain nearly the same access to a nearby traditional branch, augmented by our digital banking channels where they can conduct many of the same transactions as they would in a branch 24 hours a day.”
In a news release, the company said change stems from “customer banking preferences and retail shopping behaviors have evolved, and digital adoption, including increased utilization of online and mobile banking platforms, has increased year-over-year among business and retail customers.”
People’s United will further its investments in digital capabilities, including its mobile app and online banking.
Nearly 80% of in-store Stop & Shop branches are located less than five miles from a current traditional branch location, ensuring customers have continued access to in-branch services once the exit is complete.
Currently, People’s United operates 140 Stop & Shop branch locations, 84 in Connecticut and 56 in New York.