People’s United Bank has reached an agreement with Stop & Shop to retain 27 in-store branches and corresponding ATM locations in Connecticut, US.

The branches were chosen based on factors like how close they are to traditional branches, transaction volume, customer feedback and input from community.

Earlier, the lender has decided not to renew existing in-store branch contracts in the state.

People’s United Bank stated that the retention agreement does not impact the previously announced exit period for all other Connecticut Stop & Shop branch locations.

The branch closure is slated to begin in 2022 and will happen in a phased manner. Customers will receive a notice period of 90 days.

The bank currently operates 125 Stop & Shop branch locations, 84 in Connecticut and 41 in New York.

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The decision follows M&T Bank’s announcement to acquire People’s United Bank’s parent People’s United Financial in a deal valued at $7.6bn.

The acquisition is expected to close by the fourth quarter of this year. However, it still awaits regulatory approvals.

People’s United Bank president Jeff Tengel said: “We are pleased to have reached an agreement with Stop & Shop that will ensure customers in strategic locations state-wide maintain continued convenient access to in-store banking services, particularly in low- and moderate-income communities, where nearly half of the retained branches are located.

“We remain committed to serving our customers across the channels in which they prefer, including through our many digital banking capabilities and in our branches, now and once the merger with M&T Bank is complete. I want to thank Stop & Shop for their continued partnership.”