United Bank has announced it will close branches in Northborough and Whitinsville as part of a restructuring that will save it approximately $3 million annually, the Connecticut-based bank said.
United said Monday it will close locations at 701 Church St., Whitinsville and 6 Church St., Northborough, but did not specify when. The bank will also close two sites in Northampton and another in Broad Brook, Conn. The bank will eliminate all positions at these five branches.
The closures are part of cost-cutting measures that will result in $5.5 million in pre-tax earnings in the fourth quarter of 2014, according to United Bank. There will be approximately $3 million in cost savings annually from the restructuring, the bank said.
These closings will be added to the four Connecticut branches the bank closed in October following its 2013 merger with Rockville Bank.
