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November 1, 2024

Former Rite Aid pharmacy building in Waterbury to become bank branch

COSTAR/PHASE ZERO DESIGN A rendering of Bank of America's planned branch at 1030 Wolcott St., in Waterbury.
By Greg Bordonaro

Bank of America, the largest bank operating in the state based on deposits, has informed federal regulators it will be relocating its only full-service branch in Waterbury.

Bank of America has notified the Office of the Comptroller of the Currency that it will close its branch at 992 Cooke St. on April 11, 2024, and relocate to a new location at 1030 Wolcott St. 

The Cooke Street branch had $283.8 million in deposits as of June 30, 2024, according to Federal Deposit Insurance Corp. data. 

The new Wolcott Street building formerly housed a Rite Aid pharmacy, which closed in 2023. The property sold in September 2023 for $2.4 million to a New York buyer. 

At the time of the sale, Waterbury officials indicated there were tentative plans to convert the property into a bank branch. 

CoStar
1030 Wolcott St., Waterbury.

Bank of America reported $37.6 billion in deposits in Connecticut as of June 30, giving it control of 22.4% of deposits in the state, the most of any bank. Its closest competitor is Webster Bank with $36.6 billion in Connecticut deposits. 

Bank of America reported 87 branches as of June 30, down from 89 branches a year earlier. 

 


 

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