Banker & Tradesman file photo
Santander Bank plans to close six branches in Southeastern Massachusetts and one of its two branches in the western part of the state as the bank, like others, continues to shrink its branch network.
Santander has already closed or announced plans to close 18 branches in Greater Boston and Central Massachusetts in 2021. The bank has filed for additional closings in recent weeks with the Office of the Comptroller of the Currency, bringing its total branch closings in Massachusetts to 25.
The closings represent a roughly 12 percent reduction in Santander’s Massachusetts footprint since last year. The $89.5 billion-asset Santander has branches in nine eastern U.S. states from New Hampshire to Florida. After these branch closings, Santander will still have over 170 branches in Massachusetts, more than in any of the other states. New Jersey has the second most Santander branches with about 120, according to FDIC data.
A Santander spokesperson in early April said the bank planned to close more branches this year as it continued to evaluate the branch network.
“Like many industries, our customers’ preferences and behaviors are shifting, with more customers choosing to bank with us online,” the spokesperson said. “In response to these changes, we are reducing the number of our branches and increasing our investment in digital capabilities, as well as other products and services that are in line with the evolving needs of our customers.”
The branches closing in the southeastern part of the state include:
- 2277 State Rd in the Cedarville section of Plymouth
- 64 Depot St., Duxbury
- 319 Monponsett St., Halifax
- 715 West Main St., Hyannis
- 1230 Braley Rd, New Bedford
- 21 Central Ave., Seekonk
With the closing of Santander’s branch at 30 Elm St. in Westfield, Western Massachusetts will now have only one Santander branch in Springfield. The Westfield branch was among Santander’s smallest in the state, with about $33 million in deposits based on the FDIC’s annual summary of deposits report from June 30, 2020. The Springfield branch had more than $72 million in deposits last year.
Berkshire Bank, Citizens Bank, TD Bank and Webster Bank are among other institutions closing multiple locations in Massachusetts this year, driven in part by changing consumer habits and the acceleration of digital banking. Bank mergers in Greater Boston later this year are also expected to come with branch consolidations.
