Search
 

Webster Bank to Consolidate Nine CT Branches

WATERBURY, CT-Webster Bank reports that it will be consolidating nine of its branches in this state by June 8, including locations in such major markets as Danbury and Hartford.

By John Jordan | Updated on March 19, 2001

WATERBURY, CT-Officials with Webster Bank say that because of what it terms some overlapping branch locations the bank will be consolidating nine of its branches in this state by June. No job eliminations are expected as a result of the branch consolidations and employees will be reassigned to other Webster Bank locations.

The first phase of the project involves consolidating nine banking offices into nearby branches in areas where Webster has an extensive–and, in effect, an overlapping–branch network. In the second phase, Webster will open new branches in communities not currently having a Webster office, bank officials state.

“Over the past 10 years, Webster has experienced considerable growth through acquisitions of several Connecticut community banks,” says Peter Mulligan, senior executive vice president, retail banking. “The result is that the Webster branch network is highly concentrated and several branches in local markets serve the same customers and, in most cases, are less than a mile or two from each other.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.