People’s United runs 140 Stop & Shop branch locations, including 84 in Connecticut and 56 in New York.
The company said this will not immediately impact customers. The changes are expected to happen over several years.
The news release went on to say that conversations are ongoing and positive and additional details will be communicated well in advance.
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“I want to thank Stop & Shop for their continuous collaboration, partnership, and teamwork in what has been a successful and beneficial relationship for more than two decades,” Jack Barnes, chairman and CEO of People’s United, said in a statement. “Our focus remains on personalized relationships and balancing the needs of our customers, that will not change.”
The company said customer’s banking preferences and retail shopping behaviors have evolved, use of online and mobile banking platforms has increased, and People’s United will put the savings into its mobile app and online banking, the traditional branch network and tools bankers use to personalize the customer experience.
The company said customers will keep nearly the same access to a nearby traditional branch and there are digital banking options.