Liberty Bank files for the closure of 6 branches in Connecticut
CONNECTICUT – Middletown-based Liberty Bank has told regulators that half a dozen branches will close by fall.
Liberty Bank officials filed the plans with the Connecticut Department of Banking last week.
According to the record, branches will close by October 1.
The six branches make up about 10 percent of Liberty Bank’s list in Connecticut.
The condemned branches are:
- 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
The West Hartford location is the only branch with another nearby.
After the closures, Liberty Bank will still have branches in Connecticut at:
- Cromwell (2)
- Deep river
- East hampton
- Lyme East
- Hartford Mortgage Office
- Downtown (4)
- Naugatuck (2)
- New Britain
- New Havre (2)
- Havre du Nord
- Old Saybrook
- Quakers Hill
- West Hartford
- Wetherfield (2)
- Willimantic (2)
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Liberty Bank’s roots go back to 1825 and it is one of the oldest and largest mutual banks in the country.
The institution claims more than $ 7 billion in assets.
Liberty Bank offers personal and business banking, cash management, mortgages, business loans, insurance and investment services.
The bank issued the following statement on Thursday afternoon:
âWe 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.
âAs 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. “