Webster Bank to close 27 branches over next six months

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.