A well-known bank suddenly shut down one of its branches, marking the latest in a series of more than 200 closures across the state.
Patriot Bank customers were surprised to discover the closure when they arrived to find a note taped to the branch's front door.
Patriot Bank Branch Closes in Orange
Patriot Bank recently closed its branch in Orange, Connecticut, adding to the state's growing list of bank closures this year.
The branch, located at 7 Old Tavern Road, officially closed on April 25. According to Register Citizen, it was announced through signs posted on the building and a formal notice sent to the federal Office of the Comptroller of the Currency.
Since 2018, Patriot Bank has operated this branch after acquiring the local Prime Bank. It was strategically placed across from a KeyBank branch and near other branches, including Chase, Citizens Bank, Webster Bank, and Wells Fargo.
A sign left at the closed branch expressed gratitude to its customers and directed them to visit their Milford branch at 771 Boston Post Road for continued service.
Patriot Bank maintains branches in several other locations besides Milford, including Darien, Fairfield, Greenwich, Norwalk, Stamford, Westport, and even Scarsdale, New York, with its headquarters in Stamford.
The U.S. Sun reports that Patriot Bank faced significant financial challenges this past year, culminating in the closure of several branches.
The bank reported a net loss of $4.2 million in 2023, starkly contrasting its $6.2 million net income in 2022. This downturn in financial health made it difficult for the bank to maintain its operations.
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Bank Closures Continue Across Connecticut
Despite recent branch closures, Patriot Bank customers in Connecticut still have several banking options. The Stamford-based bank maintains branches in Darien, Fairfield, Greenwich, Norwalk, Stamford, Westport, and even Scarsdale in New York.
According to The U.S. Sun, as of June 30, 2023, Patriot Bank held approximately $831 million in deposits across its Connecticut branches. The Federal Deposit Insurance Corporation (FDIC) ranks the bank 25th among banks in the state.
The closure of the Patriot Bank branch is part of a broader trend of banking consolidations in Connecticut. CT Insider reports that since the beginning of 2019, around 200 branches have shut down across the state.
This trend coincides with the increase in digital banking, though many customers still face challenges due to reduced access to in-person banking services.
In a related development, the Wells Fargo branch at 388 Whalley Avenue in New Haven is scheduled to close on May 15, marking the 20th such closure by Wells Fargo in the state since 2019.
According to CT Insider, to address the impact of these closures, State Representative Tom Delnicki has suggested that a legislative study on the location of bank branches and ATMs could help identify underserved areas in Connecticut.
Continuing the trend, Bank of America has also been closing branches throughout the state. It shuttered its Greenwich branch on March 19 and a Stamford branch on April 30, with plans to close additional branches in Hartford and Norwalk on August 20. Notably, Bank of America holds the top spot for in-state deposits.
Similarly, Citizens Bank, which ranks ninth in in-state deposits, closed its East Lyme branch on January 24. Following suit, First County Bank, ranking sixteenth, closed its Stamford branch on March 1. These closures reflect ongoing adjustments in Connecticut's banking landscape.
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