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Banco Santander is set to close six branches in Massachusetts and an additional 12 locations across the Northeast US, as detailed in recent federal regulatory filings.
The affected Massachusetts branches are in Boston, Middleton, Norwell, Salem, Woburn, and Worcester.
Furthermore, the bank has indicated closures in Providence, Rhode Island, as well as in Salem, New Hampshire, and ten other sites in New Jersey, New York City, and Pennsylvania.
This decision aligns with a broader trend among financial institutions to reduce physical branch presence, as more customers shift to online banking services.
The Covid-19 pandemic has further accelerated this trend, leading Santander to close several dozen branches between 2020 and 2023.
In a statement, the bank said: “Santander Bank continues to refine its branch footprint and retail presence, including introducing new formats and investing in digital capabilities to better accommodate our customers and meet their evolving needs.”
In March, the bank also announced plans to close 95 branches in the UK, with those closures scheduled for June.
In response to changing customer preferences, Santander has been expanding its digital services, including the introduction of Santander Financial Centres, which offer automated banking solutions with limited assistance from staff.
The bank, headquartered in Boston and part of the Spanish financial group Santander Group, currently operates 128 branches in Massachusetts, according to data from 2024.
Additionally, Santander's US digital bank, Openbank, which launched in October, has seen significant growth, reaching $2bn in deposits by February.
Recently, Banco Santander announced the selling of 49% of Santander Polska to Austria's Erste Group for €6.8bn ($7.7bn).
"Santander to shutter 18 branches in US" was originally created and published by Retail Banker International, a GlobalData owned brand.
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