Citing a consistent drop in in-person transactions over the past few years, Liberty Bank has announced plans to close three of its branch sites in Connecticut. Branford, Naugatuck, and Haddam are the locations of the branches that will be closing.
The bank stated that the shutdowns are anticipated to occur later this year, however the closing dates have not yet been revealed.
The following places are closing:
| Branch Address | City |
| 445 W. Main St. | Branford |
| 1009 New Haven Rd. | Naugatuck |
| 116 Bridge Rd. | Haddam |
A bank representative stated that the closure of these outlets is the result of a formal application that was filed with regulatory bodies.
The closures are indicative of larger patterns in the banking sector, where traditional in-person services have been progressively supplanted by digital technologies.
Liberty Bank announced in a public statement that it has noticed a notable decline in the amount of customers visiting its physical branches.
A large portion of this change was ascribed by the bank to shifting customer behavior that intensified during the COVID-19 epidemic.
For their regular banking needs, a lot of consumers resorted to digital solutions at this time, including online banking, mobile apps, and automated teller machines (ATMs).
According to the statement, the pandemic radically changed how consumers deal with their banks. Even as life resumes its normal routine, more consumers are opting for the ease of online banking over in-branch transactions.
“Having experienced the ease and convenience of these digital channels, many branch customers have now favored using these channels over visiting a branch,” according to the spokesperson.
“Customers are choosing to bank differently and our priority is to provide them with an exceptional and seamless experience regardless of the channel they choose,” they added.
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Liberty Bank stressed that the choice was not taken hastily and that the company is still dedicated to helping its staff. All employees impacted by the closures will be given jobs at other Liberty Bank offices in the area, the bank announced.
Liberty Bank assured clients that they will still be able to obtain necessary financial services via other locations and online platforms in spite of the closures. Information on the transition of their banking services will be sent to customers who have accounts at the impacted branches.
Liberty Bank is one of the biggest and oldest mutual banks in the nation, having been established in 1825. The bank is still well-established in Connecticut’s financial industry and runs a large number of branches there.
