WATERTOWN — The M&T Bank branch in the Target Plaza on Arsenal Street is set to close in late July.
The branch, at 21877 Towne Center Drive, is going to close July 24, a company spokesperson confirmed Thursday.
“Customer banking preferences are changing,” a statement read. “Branch traffic across the entire industry is declining as the use of mobile and digital banking is growing exponentially. Many customers still want a personal interaction when it comes to establishing a new banking relationship, life-changing investments and complex banking transactions, but routine financial transactions are moving more and more online.”
Plus, the bank’s lease is up in July.
“As a relatively high-traffic area, we’re optimistic our landlord will be able to fill the space quickly — which gave us some reassurance in making this difficult decision,” a statement read. “... In fact, M&T helped 31 Watertown-area businesses access a total of $6.8 million in funding through the first round of the Paycheck Protection Program.”