This morning, Senator Dennis Bradley (D-Bridgeport) is releasing a statement following news of Bridgeport-based lender People’s United Bank closing several of their Stop & Shop locations over the next few years. People’s United currently operates 84 Stop & Shop branches in Connecticut including the Brookside Stop & Shop Branch in Bridgeport on Main street and the Fairfield Avenue Stop & Shop Branch on Fairfield Avenue.
“Banks play a critical role in the prosperity and accessibility of economic opportunity,” said Sen. Bradley. “Many people benefit from easy access to banks and locating them in readily convenient areas is crucial. With the closure of these locations, it creates barriers to economic opportunity that are essential to the city of Bridgeport.”
In the Connecticut Community Reinvestment act, it is enacted in CT statute 36a-37a that banks and other credit unions are required “to satisfy their continuing and affirmative obligation to help meet the credit needs of their communities, including low- and moderate-income neighborhoods..” and with the removal of these locations, the city will be burdened again following many cases of economic segregation.