The Milford Bank To Close A Location In November: Report

MILFORD, CT — The Milford Bank plans to close one of its locations in November, according to a news report from the Hartford Business Journal.

In August, The Milford Bank notified the State Department of Banking that it plans to close its 295 Boston Post Road location on Nov. 10.

President and CEO Susan Shields told the Hartford Business Journal the 295 Boston Post Road location had not been utilized to its total capacity for quite some time, and all staff members who have been based there would be transferred to other bank locations.

Read the full Hartford Business Journal story here.

There have been a growing number of bank branches closing across Connecticut over the past few years as people have moved more toward online banking.

Wells Fargo announced earlier this year that it would close locations in Danbury, 108 Mill Plain Road, and Darien, 950 Post Road, this summer. They also confirmed to Patch that the Waterbury Town Plot branch, located at 761 Highland Avenue, will officially close Aug. 16 at noon.

Webster Bank branch at 723 Boston Post Road in Old Saybrook closed in June. Wells Fargo's Monroe branch at 470 Monroe Turnpike also closed in June.

And Citizen's Bank will close its Amity Road branch in Woodbridge, according to The New Haven Register. The location will close Oct. 18.

In 2022, it was announced that seven People's United-M&T Bank branches inside Stop & Shop Supermarkets would close.

In a January 2022 Patch report, it noted that a trend toward online banking during the COVID-19 pandemic led to a 38 percent spike in retail bank branch closings across the country in 2021. Connecticut saw a net loss of 59 banks in 2021.

Patch staffers Rich Kirby, Chris Dehnel, Richard Kaufman, and Chris Rhatigan contributed to this story.