CT Insider, February 2, 2022, 59 more Connecticut bank branches closed in 2021, report shows
A report by the National Community Reinvestment Coalition, a Washington group focused on increasing the flow of private capital into traditionally underserved communities, found that 79 bank branches closed in Connecticut between 2017 and 2020. It represented a 6.95 percent decrease in retail banking locations over the four-year period.
Of that total, 44.3 percent of the branch closures during the period occurred in Hartford County. New Haven and Fairfield counties were ranked second and third, respectively, for branch closures in the NCRC report.
The NCRC report contends that conventional wisdom regarding the impact of mobile and internet banking is counter to the findings of 2019 research done by the Federal Deposit Insurance Corp.
“The FDIC found that despite the growing use of those amenities, 87 percent of banking consumers had still visited a branch in the past year,” the report stated. “Over 28 percent of consumers visited a branch at least 10 times in that year. Clearly, consumers still think a branch matters.”
