Liberty Bank closes Essex branch
ESSEX, CT – Middletown-based Liberty Bank has told regulators that a half-dozen of its Connecticut branches will close by the fall, including the one at 7 Main Street in Essex.
According to an article written by Patch Staff reporter Chris Dehnel, bank officials filed the plans with the Connecticut Banking Department last week and subsequent branches will close by October 1.
- 127 S. Main St., Beacon Falls
- 774 Farmington avenue, Bristol
- 7 Main Street, Essex
- 61 Bank Street, New London
- 1570 Southford Road, Southbury
- 1232 Farmington Ave., West Hartford
Liberty Bank located in Deep River is expected to remain open for the time being.
The six branches make up about 10 percent of Liberty Bank’s list in Connecticut.
Dehnel explained in his article that Liberty Bank’s roots go back to 1825 and that it is one of the oldest and largest mutual banks in the country. The institution has more than $ 7 billion in assets and provides personal and business banking, cash management, mortgages, business loans, insurance and investment services.
The bank issued the following statement on Thursday afternoon:
“We are continually evaluating all aspects of our business, including our branch network and ways to reinvest in the Bank. As part of our assessment, we take into account a number of factors including branch profitability, household and deposit growth, deposit mix, transaction volume In addition, we always monitor and respond to habits changing banking patterns of our customers, technological advances and the presence of competing banks in our markets.
“As a result of our extensive research and extensive discussion, we submitted requests to close these six branches. However, customers who do business with us at one of these branches will continue to have a first-class banking experience at another Liberty Bank nearby. branches. “