News Summary
Santander Bank has announced the closure of 18 branches across the U.S., including its Providence site at 280 Atwells Avenue. This decision follows a significant robbery at the Providence branch in 2023, where nearly $488,000 was stolen. The closures are part of a nationwide downsizing strategy as customer preferences shift towards online banking following the COVID-19 pandemic. The Providence branch will close by the end of August 2023, with impacts on local employment and services as the bank adapts to new consumer behaviors.
Providence – Santander Bank has announced the closure of 18 branches across the United States, including its location at 280 Atwells Avenue in Providence, Rhode Island. This decision is part of a nationwide downsizing strategy aimed at adapting to the evolving banking landscape.
The Providence branch, which was the site of a significant robbery in 2023, is closing as part of this larger trend. During the robbery, nearly $488,000 was stolen, and local authorities suspect that it may have been an inside job. Two individuals, a former operations manager of the bank, Tracey Delgado, and her boyfriend, Stanley Palmer, have been charged related to the incident.
The closure of the Atwells Avenue branch is set to take effect by the end of August 2023. Currently, Santander operates a total of 20 branches in Rhode Island and ranks as the fourth-largest bank in the state based on deposits, holding a market share of 6.79% and managing over $2.8 billion within its Rhode Island branches.
In addition to the Providence closure, six branches in Massachusetts will shut down, including locations in Worcester, Boston, Middleton, Norwell, Salem, and Woburn. One branch in New Hampshire and ten branches in New Jersey, New York City, and Pennsylvania will also close as part of this nationwide initiative.
This news comes in tandem with a shift in the banking industry as customer preferences continue to evolve toward online banking following the COVID-19 pandemic. Santander has previously closed several dozen branches between 2020 and 2024 as it adapts to these changing consumer behaviors. Currently, Santander operates a total of 401 locations across the United States, with a notable presence in Massachusetts where the bank has 127 branches.
The announcement regarding the closure of these branches follows regulatory filings made by Santander to the Office of the Comptroller of the Currency. While some employees may be affected by the branch closures, customers and bank officials emphasize the commitment to providing services through digital platforms.
Banco Santander S.A., a multinational financial services company headquartered in Madrid, is the parent company of Santander Bank. As it continues to streamline operations and capitalize on digital banking, the future structure of the bank is likely to focus more on online customer engagement while maintaining its core financial services.
As the bank undergoes these changes, customers of the Providence branch and others set to close are encouraged to check online for alternative banking options and to stay informed about the relocation of services during this transition period.
Deeper Dive: News & Info About This Topic
HERE Resources
Santander Bank to Close Providence Branch Amid Downsizing
Santander Bank to Close 18 Branches in the Northeast
Santander Bank to Close Branch in Providence
Additional Resources
- Providence Business News
- Wikipedia: Santander Group
- MassLive
- Google Search: Santander Bank closures
- Boston Globe
- Google Scholar: Santander Bank
- Turn to 10
- Encyclopedia Britannica: Banking Industry
