Santander Bank to Close Branch in Providence

News Summary

Santander Bank N.A. has announced the closure of its Atwells Avenue branch in Providence as part of a larger downsizing strategy affecting 18 locations in the Northeast. The decision follows a troublesome year for the branch, which experienced a robbery leading to significant financial loss. This move is part of a broader trend in the banking industry towards reducing physical locations in favor of enhancing digital banking capabilities amidst changing consumer behaviors.

Providence, Rhode Island – Santander Bank N.A. has announced the closure of its branch located at 280 Atwells Ave. as part of a significant downsizing strategy that will see 18 locations cease operations across the Northeast. The closure is set to take effect following the bank’s filing of federal regulatory notices with the U.S. Office of the Comptroller of the Currency on April 29.

Currently, Santander operates 20 branches within Rhode Island, making it the fourth-largest bank in the state by deposits. The bank holds a market share of 6.79%, with over $2.8 billion in deposits. The decision to close the Atwells Avenue branch comes after a troubled year for the location, which was involved in a robbery that resulted in the loss of $488,000, an incident police labeled as potentially being an inside job. The former branch operations manager, Tracey Delgado, along with her boyfriend, Stanley Palmer, has since been charged in connection with this robbery.

As part of the broader closure plan, six branches in Massachusetts are also set to close. These locations include:

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

In addition to these Massachusetts locations, a branch in New Hampshire and 10 branches across Pennsylvania, New Jersey, and New York City will also be affected by this decision.

The current wave of closures follows a pattern set by the bank two years ago, when Santander closed branches in Middletown and five other locations in Massachusetts. It’s evident that this strategic move is part of a much larger national trend towards reducing physical banking spaces, driven significantly by the rise in online banking, a trend that has been sped up due to the COVID-19 pandemic. Since 2020, Santander has closed several dozen branches as they reposition their retail presence and invest more in digital capabilities to meet the evolving needs of their customers.

As a subsidiary of the multinational financial services giant Banco Santander S.A. based in Madrid, Santander Bank is taking steps that reflect both the changing preferences of consumers and the necessity of maintaining operational efficiency within the digital age. The closure of branches such as the one on Atwells Avenue exemplifies the bank’s strategy to optimize its physical footprint while enhancing digital banking capabilities for its clientele.

These closures represent a significant shift in the banking landscape, as many institutions are recognizing the importance of adapting to consumer behavior and preferences. As banks like Santander continue to reevaluate their operations in favor of digital solutions, the trend of branch closures is likely to persist across the banking industry.

Deeper Dive: News & Info About This Topic

HERE Resources

Additional Resources

• Providence Business News
• Wikipedia: Banking in the United States
• MassLive
• Google Search: Santander Bank closures
• Providence Business News – Citizens Bank
• Google Scholar: Bank branch closures
• Turn to 10 News
• Encyclopedia Britannica: Bank
• Providence Journal
• Google News: Santander Bank branch closings