Supermarket banking comes to Riverhead

Riverhead has its first full-service bank inside a supermarket.

People’s United Bank celebrated the grand opening of its Riverhead branch inside the Stop & Shop on Route 58 Saturday afternoon, with a ribbon-cutting, a champagne toast and the presentation of a $1,000 check to Timothy Hill Children’s Ranch.

It’s the 143rd People’s United branch inside a Stop & Shop supermarket, a number that’s expected to rise to 150 before the end of the year, said People’s United Community Foundation executive director Vincent Santilli, who was on hand for the ceremonies.

People’s United, based in Bridgeport, Connecticut, was founded in 1842 and operates 407 branches in the six states of the Northeast, including New York. Nearly two-thirds are traditional “brick and mortar” branch offices, including one in Wading River.

While in-store banking dates back to the early 1980s, its popularity has increased in recent years as commercial banks work harder to win and retain customers in an industry disrupted by technological change. With more customers banking online and using mobile banking apps, traditional branch offices have a smaller role as a banking “channel,” according to industry analysts. At the same time, supermarket branches help banks reduce the costs of retail operations.

“It’s all about convenience and service,” said the Riverhead branch customer service manager Shannon Murphy.

The new branch, located in the front of the Stop & Shop, near the west entrance, is open seven days a week: till 7 p.m. on weekdays, 4 p.m. on Saturdays and from 11 to 4 on Sundays. It’s been in operation for more than a month, Murphy said.

One of the branches first customers, Elizabeth Feeney of Riverhead, said she opened an account the first day the branch opened in July.

Feeney moved from Queens to Glenwood Village about a year ago and the closest branch her old bank had was in Shirley. Since Feeney doesn’t have a car, getting there was very inconvenient. She happened to be shopping the day People’s United opened and discovered — at the checkout — that she left her wallet home.

“I had no debit card and I had to walk home to get it. When I came back to pay for my groceries I saw the bank and decided right there to open an account,” Feeney said.

When bank manager Murphy learned Feeney was about to trek home on foot a second time — this time laden with groceries — “she drove me home,” Feeney said. “She insisted.”

Murphy invited Feeney to the grand opening and presented her with a corsage for the occasion.

“I made friends here,” Feeney said, smiling, as the manager gave her a squeeze and kissed the top of her head.

Customer relations and giving back to the communities where the bank operates are two points of pride for the 172-year-old bank, said People’s United market manager Maureen Menella.

“We always donate to local charities when we open a local branch,” she said before bank officials presented Timothy Hill Children’s Ranch with a $1,000 check. Founder Fern Hill and development coordinator Monte Gibson were on hand to accept the donation on behalf of the Riverhead-based organization for troubled kids.

Councilmen John Dunleavy and James Wooten were on hand for the ribbon-cutting.