M&T to close 7 supermarket banks

Bank notifies regulators People’s sites in Stop & Shops to shutter in August, including in New Fairfield, Newtown, Norwalk

M&T Bank has told Connecticut banking regulators it will close seven supermarket branches in August that are currently operating as People’s United locations.

M&T officials notified the state Department of Banking of the closures last week, five weeks after its $8.3 billion acquisition of Bridgeport-based People’s United was completed. The seven Stop &

Shop supermarket branches that will be closing on Aug. 12 are in Bristol, New Fairfield, Newtown, Norwalk, Pawcatuck, Vernon and Windsor.

The supermarket branch closings will not result in any layoffs, M&T officials said Thursday.

M&T’s filing with state banking regulators said the closings were part of the “contemplated closures when People’s United announced its decision not to renew in-store branch contracts in Connecticut.” That announcement occurred in January 2021, when People’s United initially announced it was closing all of its Stop & Shop branches.

M&T’s acquisition of People’s United was announced in late February 2021 and in August of last year, People’s United subsequently announced it would keep 27 supermarket branches open.

It is the first time that specific supermarket branch locations slated for closure have been identified.

A total of 1,959 People’s United employees in Connecticut will be retained after the deal is completed, M&T officials have said. People’s United’s Connecticut workforce will be cut by 28 percent or 747 workers, M&T officials have previously said.

The August closings will occur as M&T attempts to wrap up the conversion of the two banking systems and brands into one. M&T officials have said the conversion will be completed sometime in the third quarter.

Stop & Shop officials have not returned calls seeking comment on how they plan to use the space being vacated as the supermarket branches close.