The tenant in one of Bedford’s prime retail locations has informed customers that it will be closing in three months.
In an April 18 letter, Juan Rozon, New England Region district executive, wrote that its Santander branch at 94 Great Road “will be consolidating into our Lexington branch” as of the close of business on July 20.
The bank does not directly explain the decision. The letter refers to a website page, which explains, “While branches will always be an important part of our offering, our customers’ preferences and behaviors are shifting. We are listening and responding by adjusting our business model and delivery to better serve our customers.”
And the letter begins, “As we move toward a digital era, we will continue to introduce safe and secure self-serve options on our mobile app and online banking.”
Last year, Santander did not open the branch for several weeks because of staffing issues.
The parent company is Santander U.S., which acquired Sovereign Bank, and is part of the Santander Group, based in Spain.
According to the assessors’ database, 94 Great Road. is owned by a limited liability company in Richmond, CA called El Prado. The property was sold for $1.475 million in January 2020; the records say the assessed value is $736,800.
The building at the northeast corner of The Great and Springs roads has been a bank for at least a half-century; at one time it was a branch of the former Shawmut Bank and before that, it was Lexington Trust.
The letter to customers also provides a phone number to arrange for closing safe-deposit boxes. The website announces, “We are proactively working to help colleagues transition to new roles or locations at Santander wherever possible.”