Liberty Bank to close New London branch on Bank Street by Oct. 1
New London — Liberty Bank intends to close its Bank Street branch here by Oct. 1, one of six Connecticut branches the Middletown-based bank plans to shutter.
Liberty has sought the state Department of Banking's approval of the closings, as required by state law.
In continuously evaluating its business, including its branch network, Liberty considers “a number of factors, including branch profitability, growth of households and deposits, deposit mix, transaction volume and market penetration,” Adam Jeamel, senior vice president and corporate communications manager, wrote in an email Friday. “In addition, we always monitor and respond to our customers’ changing banking habits, advancements in technology and the presence of competitor banks in our markets.”
Jeamel said customers who bank at the six Liberty branches that would close can continue to bank at other nearby Liberty branches. Liberty has more than 60 locations across the state.
In addition to the New London branch at 61 Bank St., Liberty plans to close branches in Beacon Falls, Bristol, Essex, Southbury and West Hartford.
Liberty branches near New London are in Groton, Quaker Hill, Mystic, Norwich and Waterford.
“Customers that bank in New London can go to our nearby Waterford branch, which is 2.2 miles away on Boston Post Road,” Jeamel said. “If we receive regulatory approval, customers that bank in New London will receive a direct communication from us at least 90 days in advance of this branch closure.”
Jeamel said Liberty is "committed to making every effort" to relocate employees displaced by branch closings. He said the bank typically does not disclose the number of employees it has at a particular location.
Comment threads are monitored for 48 hours after publication and then closed.
