Santander Bank to close three Central Mass. branches as part of statewide closures
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Santander branch in Marlborough
Santander Bank will close branches in Ayer, Holliston, and Marlborough as part of its latest round of closures in Massachusetts.
Santander filed notification of 16 Massachusetts branch closures with the U.S. Office of the Comptroller of the Currency on April 17. Boston Business Journal reported the bank will close 16 branches statewide including five in Boston.
“Like many industries, our customers’ preferences have changed, with more customers choosing to bank with us online. Therefore, we are reimagining the customer and employee experience by simplifying our processes, refining our branch footprint, and increasing our investment in digital capabilities to align with the evolving needs of our customers," read a statement from Santander.
The closures come as Santander Bank N.A.’s’ Spanish parent company reported a nearly $29-billion profit in the first quarter.
“We are progressing well in our simplification and commercial transformation, and the increasing value of the group is again evident in our results, with 39% of total income coming from our global and network businesses,” Banco Santander Executive Chair Ana Botín said in a Tuesday press release.
Santander’s Ayer branch held $76 million in deposits as of June 30. The Holliston branch held $86 million, and the Marlborough branch held $61 million, according to the Federal Deposit Insurance Corp.
Santander Bank is ranked as the fifth largest bank in Central Massachusetts with $2.9 billion in local deposits, according to the WBJ Research Department. As of Dec. 31, the Santander Bank N.A. holds $99 billion in assets.
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