Santander Bank to Close Providence Branch Amid Downsizing

News Summary

Santander Bank N.A. has announced the closure of its branch on Atwells Ave. in Providence, Rhode Island, as part of a plan to downsize its operations in the Northeast. This decision includes closing 18 branches across the region, reflecting a shift towards digital banking as customer preferences change. The Atwells location was also recently involved in a significant robbery, making its closure particularly notable. With this and other branch closures, Santander aims to enhance its digital banking services while adjusting to evolving market demands.

Rhode Island – Santander Bank N.A. is set to close its branch located at 280 Atwells Ave. in Providence, Rhode Island, as part of a broader initiative to downsize its operations across the Northeast. This decision is inclusive of 17 additional branch closures across the region, as detailed in regulatory notices filed by the bank with the U.S. Office of the Comptroller of the Currency on April 29. The closures are a reflection of the financial institution’s strategy to adapt to changing customer preferences and the increasing trend toward digital banking services.

Currently, Santander operates 20 branches in Rhode Island and ranks as the fourth-largest bank in the state based on deposits, holding approximately 6.79% market share with over $2.8 billion in deposits. The closure of the Atwells Avenue branch is particularly notable, as it was recently involved in a robbery where more than $488,000 was stolen. The incident led to charges against the former branch operations manager and her accomplice.

Among the 18 branches that will close, six are situated in Massachusetts. The affected Massachusetts 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 the Providence branch, a branch in New Hampshire and ten more scattered throughout Pennsylvania, New Jersey, and New York City will also be shut down. This set of closures follows Santander’s previous downsizing, which included shutting down branches in Middletown and five other locations in Massachusetts two years ago.

Founded in Madrid, Spain, Santander Bank is a subsidiary of Banco Santander S.A. The bank continues to refine its branch footprint while enhancing its digital capabilities to better serve customers. With a total of 401 branches operating across the United States, Santander maintains a substantial network, which includes 127 branches in Massachusetts, 20 in Rhode Island, and 11 in New Hampshire.

This recent trend of closing physical bank branches has been largely propelled by an increase in customers opting for online banking services, a shift that has been particularly pronounced since the COVID-19 pandemic. The bank’s commitment to enhancing its digital presence indicates a significant strategic shift in response to these evolving customer behaviors.

Looking ahead, Santander is poised to close 95 branches in the UK in June 2023 as part of its global downsizing strategy, illustrating a comprehensive approach to branch management in both domestic and international markets.

The planned closures will undoubtedly affect local customers who have relied on these branches for their banking needs. However, as Santander transitions towards digital banking solutions, customers may need to adjust to these changes and explore alternative ways to access banking services.

Deeper Dive: News & Info About This Topic

• Providence Business News
• Turn to 10 News
• Boston Globe
• MassLive
• Banking Dive