Webster Bank has announced plans to close 27 branches across Connecticut, Rhode Island and Massachusetts over the next six months.
The Waterbury-headquartered bank has 177 branches across four states. The closings will not include its branches in Westchester County. The announcement, which was disclosed in a regulatory filing, did not identify which branches were being targeted for closing.
Although the bank acknowledged the shutdowns would cost approximately $19 million, which will be mostly absorbed in the current quarter, it will ultimately save Webster Bank roughly $15 million annually.
This is the latest in a cost-cutting strategy that the bank announced in October, with the goal of reducing operation expenses by up to 10% before the end of 2021.
