News Summary Santander Bank N.A. has announced the closure of 18 branches in the Northeast, including one in Providence, Rhode Island. This decision aligns with the bank’s shift towards digital banking amidst declining branch visits. The closures will affect about 4.5% of its U.S. locations and are set to take place between July 31 and August 21, 2025. The Providence branch has gained attention this year due to a significant robbery incident, further highlighting security and management challenges. The bank aims to better meet evolving customer needs through its digital banking platform. Rhode Island – Santander Bank N.A. has announced plans to close 18 branches across the Northeast, including its location at 280 Atwells Ave. in Providence. This decision has been communicated to regulators, with federal regulatory notices filed with the U.S. Office of the Comptroller of the Currency on April 29. The closures are part of the bank’s strategy to adapt to changing customer needs, particularly with the shift towards digital banking. The Providence branch has been in the spotlight this year after it was robbed in 2023, resulting in the theft of nearly $488,000. Authorities suspect the robbery involved a former operations manager and her boyfriend, raising concerns about security and management practices within the branch. Currently, Santander operates 20 branches in Rhode Island and ranks as the fourth-largest bank in the state, holding a market share of 6.79% and managing over $2.8 billion in deposits. The planned branch closures will impact approximately 4.5% of Santander’s roughly 400 U.S. locations, with closures scheduled between July 31 and August 21, 2025. Breakdown of Affected Branches The closures will affect various states in the Northeast. In addition to the Rhode Island branch, the closures include: Six branches in Massachusetts, including locations in Boston, Middleton, Norwell, Salem, Woburn, and Worcester. Four branches in New Jersey. Four branches in Pennsylvania. Two branches in New York. One branch in New Hampshire. Digital Banking Focus As part of its strategy, Santander is turning its attention towards digital banking options to better serve its customers. The bank’s U.S. digital banking platform, Openbank, has recently seen significant growth, garnering $2 billion in deposits. This move towards digital services is a response to the increasing trend of customers opting for online banking rather than traditional branch visits. Historical Context The impending closures follow a previous downsizing initiative by Santander, which saw the closure of six locations in Massachusetts two years ago. Furthermore, this latest round of closures follows a significant reduction in the U.K., where Santander announced the closure of 95 branches in March 2023 for similar reasons linked to digital banking adoption. Headquartered in Boston, Santander Bank is a subsidiary of the multinational financial services company Banco Santander S.A., based in Madrid. With these new closures, the bank seeks to align its operations more closely with current banking trends while managing its resources more effectively. Deeper Dive: News & Info About This Topic Providence Business News Turn to 10 Banking Dive MassLive The Boston Globe Wikipedia: Santander Bank Google Search: Santander Bank Closures Google Scholar: Santander Bank Closures Encyclopedia Britannica: Santander Bank Google News: Santander Bank Closures
Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
