Santander Bank to Close 18 Branches in the Northeast

News Summary

Santander Bank has announced the closure of 18 branches in the Northeast, including six in Massachusetts. This decision is part of the bank’s strategy to adapt to the growing demand for digital banking services. Locations affected include branches in Boston, Middleton, and Worcester, among others. The bank emphasizes its commitment to enhancing digital capabilities, reflecting a broader trend in the banking industry as institutions adjust to changing consumer preferences for online banking.

Boston – Santander Bank has announced its decision to close 18 branches in the Northeast, with six of those located in Massachusetts. This closure is part of the bank’s strategy to streamline its operations and adapt to the increasing demand for digital banking services.

The bank has filed the necessary notifications with the Office of the Comptroller of the Currency, indicating that these closures are part of an ongoing effort to refine their branch footprint. The closures in Massachusetts will affect locations at:

• 346 Congress St., Boston
• 39 South Main St., Middleton
• 69 Washington St., Norwell
• 22 New Derby St., Salem
• 19 Pleasant St., Woburn
• 655 Park Ave., Worcester

In addition to the Massachusetts branches, Santander will also close branches in Providence, Rhode Island, as well as Salem, New Hampshire, and an additional ten branches across Pennsylvania, New Jersey, and New York. Notably, the Providence branch, which is located in the Federal Hill neighborhood, has seen its own challenges, including a robbery incident in 2023 that involved the theft of nearly half a million dollars.

A Santander spokesperson noted that the bank is committed to investing in its digital capabilities to better meet the needs of its customers. This shift towards online banking has accelerated significantly since the COVID-19 pandemic, as consumers increasingly prefer the convenience of managing their banking remotely.

The trend of branch closures is not unique to Santander. The bank has closed several dozen branches from 2020 to 2024, including eight branches in Massachusetts in 2021 alone. This reflects a broader movement within the banking industry as institutions seek to adjust to the changing preferences of their customers.

Despite these closures, Santander remains a significant player in the banking sector, particularly in Massachusetts, where it is the third-largest bank with 124 operational branches. The bank itself is headquartered in Boston and operates a total of 401 locations across the United States. These include 127 branches in Massachusetts, 20 in Rhode Island, and 11 in New Hampshire.

Historically, Santander has been rooted in the region, especially after it acquired Boston-based Sovereign Bank in 2009. This acquisition helped bolster its presence in New England and positioned it as a competitive force among other financial institutions.

As consumers transition towards digital banking, the closures of physical branches are expected to continue, with banks like Santander adapting to ensure they can effectively meet customer needs in a rapidly evolving financial landscape.

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