Webster Five Closing Branch
Citing slow growth and the limitations of not having drive-up capabilities, Webster Five Cents Savings Bank said it will close its Grafton Street location in Worcester.
Pending regulatory approval, the branch is scheduled to close June 29.
"Over the last 12 years, the Grafton Street branch deposits have not grown as much as needed and the physical limitations of not having a drive-up have restricted our opportunities for future growth," President and CEO Richard T. Leahy said in a statement. "While the decision to close the branch was difficult, this action is necessary."
The bank's senior vice president, Joseph D. Radovanic, said Webster Five continuously evaluates its network to make sure it operates as efficiently as possible and also cited growth in online and mobile banking in the decision as overall branch transactions continue to decline.
The bank has sent letters to customers notifying them of the closing of the 349 Grafton St. site, but said customers won't have to take any action as their accounts will be assigned to other branches.
The Webster-based bank has seven other locations, two of which are in Worcester, at Commercial and Chandler streets. Grafton Street employees will move to the other sites.
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