People's United Bank Announces Agreement with Stop & Shop to Retain 27 Supermarket Branches in CT

BRIDGEPORT, Conn., Aug. 5, 2021 /PRNewswire/ -- People's United Bank N.A., a subsidiary of People's United Financial Inc., today announced it has reached an agreement with Stop & Shop to retain 27 in-store branch and corresponding ATM locations in Connecticut slated to close as part of the previously announced decision not to renew existing in-store branch contracts in Connecticut. The locations were strategically selected based on a variety of factors including proximity to nearby traditional branches, transaction volume, customer feedback and input from community leaders. A list of the 27 Stop & Shop branches to remain open in Connecticut can be viewed below. 

"We are pleased to have reached an agreement with Stop & Shop that will ensure customers in strategic locations state-wide maintain continued convenient access to in-store banking services, particularly in low- and moderate-income communities, where nearly half of the retained branches are located," said Jeff Tengel, President, People's United Bank. "We remain committed to serving our customers across the channels in which they prefer, including through our many digital banking capabilities and in our branches, now and once the merger with M&T Bank is complete. I want to thank Stop & Shop for their continued partnership."

The new agreement does not impact the previously announced exit period for all other Connecticut Stop & Shop branch locations. Closures will occur over several years using a phased approach and begin in 2022. Customers of the impacted branch locations will receive a minimum of 90 days' notice prior to the closure. People's United currently operates 125 Stop & Shop branch locations, 84 in Connecticut and 41 in New York.

M&T strongly supports the new agreement and the benefits it will deliver to Connecticut communities, and has committed to retaining substantially all People's United branch employees, including those who work in Stop & Shop branches once the merger is complete.

About People's United Bank, N.A.: 
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $63 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of more than 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire, and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide

SOURCE People's United Bank

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