Webster Bank shuttering 8 branches

[giantsfan2016]

Webster Bank is closing 8 branches including 3 in Connecticut. WFSB the Rocky Hill Based CBS affiliate in the Hartford Market only identified the 3 CT branches and stated the others are in Rhode Island and New York.

The 3 in CT are:

Mill Plain Road Danbury
W. Middle Turnpike Manchester
Siles Deane Highway Wethersfield

http://www.wfsb.com/story/34286700/webster-bank-closing-some-connecticut-branches?autostart=true

They're blaming it on online banking. To which I call BS because other banks are still expanding and opening new branches.

[TheFugitive]

Bank branch closings are becoming more frequent.
PNC recently shut down their branch in my neighborhood.

Mostly you see this in rougher areas of town where the profitability of the
branch is not enough to offset higher security costs.

And yes, the fact that people are doing more and more of their banking online
is a factor as well.

At one point banks had to get multiple levels of government permission before
closing a branch.  That process looks like it's been deregulated a bit.

[Bdubs]

It wouldn't surprise me if it were due to online banking. The new banks you see opening now are 1/2 the size they used to be too. Bank of America has been thinning brick and mortar buildings for a while now. Where I live the nearest BoA bank is 15 mins away. A big change from 5-6 years ago, there was one within 5 mins of either direction of my house.

[TheFugitive]

Another issue is staffing.  I have an uncle who is a retired senior bank manager.
Finding honest and competent people at the wages banks are willing to pay tellers is difficult.
Particularly in high-cost areas like New York and Washington, DC.

[retailisking]

More about the Webster Bank branch closures. One stat cited was a nearly 40% reduction in teller transacions from 2010-2016. That kind of reduction would encourage any business to re-evaluate their bricks-and-mortar presence.
http://www.courant.com/real-estate/property-line/hc-webster-bank-branch-closings-20170117-story.html