An unexpected bank now abruptly closes a branch after more than 200 have disappeared in a single state, sources report.
Customers at Patriot Bank only found out that the institute had closed when they found a note on the door, reports The-Sun.
More than 200 other banks have closed locations across Connecticut.
The Patriot Bank at 7 Old Tavern Road in Orange, Connecticut closed its doors for good on April 25.
A sign on the building’s exterior, coupled with a notice submitted to the federal Office of the Comptroller of the Currency, confirmed the closure, according to CT Insider.
The branch opened in 2018 following an acquisition of Orange-based Prime Bank.
But a hard financial year led to the inevitable closure.
In 2023, Patriot recorded a net loss of $4.2 million in its annual report, according to CT Insider.
Compared with net income of $6.2 million in 2022, the bank struggled to stay afloat.
The location in Orange existed among several banks, blocks from Chase, Citizens Bank, Webster Bank, and Wells Fargo, and across the street from a KeyBank branch, reported CT Insider.
Patriot patrons across Connecticut aren’t exactly doomed though.
The Stamford-headquartered business still has branches in Darien, Fairfield, Greenwich, Norwalk, Stamford, Westport, and Scarsdale, New York.
Patriot recorded about $831 million in deposits in Connecticut as of June 30, 2023, reported CT Insider.
It ranked number 25 among banks operating in the state by the Federal Deposit Insurance Corporation, per CT Insider.
The shutdown of the Patriot branch comes amid a greater trend of bank closures happening across Connecticut.
Despite the rise in digital banking, customers are still grappling with a lack of access to in-person banking.
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Also Read: A Massive US Bank is Now Closing Credit Cards
Other Economy News Today
A massive bank is now freezing accounts and holding money hostage according to new customer reports, a growing trend in the sector.
When Joe Redburn realized he couldn’t access his account, he called Bank of America for help, reports The-Sun.
The branch manager told him she couldn’t access the bank account either and had to call corporate, he wrote in a Facebook post.
“She called corporate and was told there was ‘suspicious activity,'” he said.
“I contacted the government agency that oversees the banks.
They have a web page for filling complaints.”
“I filed six complaints before I got my money back.”
Fellow Facebook user Theresa expressed her frustration after dealing with fraud on her Bank of America account.
“If you [are] banking with Bank of America, check your account. Someone got me for $48,234 yesterday and $2,000 today,” she wrote.
Theresa claimed that this was the second time her account had been hacked without any alerts from the bank.
“What the f**k this is the second time in one year. I’m done with them,” she wrote, alleging that the bank didn’t even text her.
“It’s just crazy how someone can get into your account and take your money.”
In the comments, others shared similar stories.
“I closed my account two to three years ago when they did something similar to me,” wrote one person.
They claimed the bank charged them for closing the account.
“I hope I don’t have those problems because as soon as my stuff switches over I’m out,” Theresa replied.
Bank of America says it will attempt to contact clients if it suspects fraud on their accounts.
The bank’s Online Banking Security page warns that it would never send emails with instructions to share personal information, including Social Security numbers and PINs.
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Also Read: A Massive Grocery Brand Now Files For Chapter 11 Bankruptcy
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