People's United Bank Announces Decision Not to Renew Existing In-Store Branch Contracts with Stop & Shop in NY and CT
There will be no immediate impact to customers. It's anticipated the exit will occur over several years
BRIDGEPORT, Conn., Jan. 21, 2021 /PRNewswire/ -- People's United Bank N.A., a subsidiary of People's United Financial Inc., today announced the decision not to renew its existing in-store branch contracts with Stop & Shop supermarkets in New York and Connecticut. There will be no current impact to customers as the exit will not begin immediately and is anticipated to occur over several years using a phased approach. Conversations are ongoing and positive, and additional details will be communicated well in advance.
"I want to thank Stop & Shop for their continuous collaboration, partnership, and teamwork in what has been a successful and beneficial relationship for more than two decades," said Jack Barnes, Chairman & CEO, People's United. "Our focus remains on personalized relationships and balancing the needs of our customers, that will not change. Recent acquisitions have allowed us to optimize our branch footprint and as a result, our Stop & Shop branch distribution closely mirrors that of our traditional branches. Customers will maintain nearly the same access to a nearby traditional branch, augmented by our digital banking channels where they can conduct many of the same transactions as they would in a branch 24 hours a day."
The Stop & Shop relationship has provided meaningful value to the Bank and its customers over the years. However, customer banking preferences and retail shopping behaviors have evolved, and digital adoption, including increased utilization of online and mobile banking platforms has increased year-over-year among business and retail customers. As a result of the exit and cost-savings achieved over time by not renewing the contracts, People's United will further its investments in digital capabilities, including its mobile app and online banking, strengthen its traditional branch network, and enhance the tools bankers use to personalize the customer experience.
Nearly 80% of in-store Stop & Shop branches are located less than five miles from a current traditional branch location, ensuring customers have continued access to in-branch services once the exit is complete. People's United currently operates 140 Stop & Shop branch locations, 84 in Connecticut and 56 in New York.
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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