Citing the increased usage of online and mobile banking, Oxford-based bankHometown is closing its branch at 218R Main St. in Webster and consolidating all customer accounts to its other Webster location at 4 Gore Road.
The Main Street location will close Oct. 29, according to a Monday press release from bankHometown. No jobs will be eliminated because of the consolidation.
Citing $200,000 donated to 30 Webster-based causes over the past five years, bankHometown President and CEO Robert Morton said the bank remains committed to the Webster market.
“Rest assured that our commitment to Webster is as strong as ever,” Morton said in the press release. “We appreciate the opportunity to continue serving our customers’ financial needs from our Gore Road location and will continue to look for ways to give back to the community and make a meaningful difference in the lives of those who live and work in Webster.”
The country has lost about 1,646 bank branches every year since 2018, according to credit-building platform Self Financial, as 77% of American banking customers prefer mobile or online banking over visiting a physical branch, according to a 2024 American Bankers Association survey.
Still, some Central Massachusetts banks remain committed to maintaining or expanding the number of branches they operate, citing their role in relationship building and connecting with the communities they serve.
bankHometown is the 14th largest bank in Central Massachusetts, with $898.4 million in local deposits and $1.6 billion in total assets, according to information compiled by the WBJ Research Department. Including the Main Street branch in Webster, the bank has 11 locations in Central Massachusetts and 16 total across Massachusetts and Connecticut.
In May, Hometown Financial Group, the holding company of bankHometown, announced it would acquire Quincy-based Colonial Federal Savings Bank, forming a nearly $6.9-billion entity. The transaction is expected to close by the end of 2025.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
