People”™s United Bank is rethinking its recent decision to not renew its existing in-store branch contracts with Stop & Shop supermarkets in New York and, possibly, Connecticut.
The Bridgeport-based bank is not, however, ready to reverse itself yet.
Announced last month, the move would result in the closing of 140 branches throughout New York and Connecticut.
“Closure for all in-store branches will not occur simultaneously,” a spokesperson told the Business Journal this morning. “In Connecticut, we anticipate our exit will occur over several years using a phased approach and begin in 2022.
“In New York, conversations with Stop & Shop are ongoing around the exact timing of the exit. In addition, conversations with Stop & Shop are positive and ongoing for the potential of a modest number of in-store branches to remain open in strategic locations. As these decisions are finalized, we will communicate details well in advance.”
The spokesperson declined to say whether Stop & Shop branches in Connecticut could also ultimately be spared closings.
“Importantly, there will be no current impact to customers as we anticipate the exit will not begin immediately,” he said.
