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Two banks set to close 5 branches in Massachusetts

Bank of America, People’s reveal consolidations

By Todd Wallack

 |  Globe Staff  

  February 22, 2012

Bank of America Corp. and People’s United Bank said they plan to close five Massachusetts branches in coming months as part of efforts to streamline their operations. The closings come as banks across the country shrink their branch networks to cut expenses, absorb past acquisitions, and take advantage of customers shifting to online banking and visiting branches less often. Overall, the number of US bank branches has declined by nearly 1,350, or about 1 percent, over the last two fiscal years, according to the Federal Deposit Insurance Corp.

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