Chittenden Bank trims Vermont workforce, closes five branchesPeople’s United Financial, which operates Chittenden Bank, is cutting 71 Vermont employees and closing five local branches in an attempt to save $57 million in company expenses, excluding severance costs. The company will close 20 branches and 420 positions company wide throughout the New England region. Vermont branches in Bennington, Brattleboro, Arlington, West Dover, and on Bank Street in Burlington will close within a month to 90 days, leaving only two Chittenden Banks in each community. The closures will decrease Chittenden’s branch count in Vermont from 52 to 47. The layoffs included eliminating 20 vacant positions, 14 jobs through attrition, and 37 lay-offs, most of which were teller and other entry level positions. Before the cuts, a total of 1,158 employees were part of Chittenden Bank’s Vermont workforce. People’s United financial has over $21 billion in assets with over 300 branches throughout Vermont, New York, Massachusetts, Maine, New Hampshire, and Connecticut. The cuts were expected after People’s United Financial finalized their acquisition of Chittenden Bank last summer.