Branch banking

Truliant Federal Credit Union plans to build three more locations in the northwest corner of South Carolina by the end of next year. The $4 billion-asset credit union also recently opened a regional office in Greenville, South Carolina.

The Southern California branches will be sold to HomeState Bank, a Seattle-based community bank. The Department of Justice required the sale as part of U.S. Bancorp's pending acquisition of MUFG Union Bank.

The industry is largely missing out on a huge segment of the market for financial services.

JPMorgan Chase is starting to phase out an offering far more associated with old-fashioned bank branches than today's smartphone apps: safe deposit boxes. 

The report, which examined trends between 2010 and 2021, found that the country's biggest banks only opened 638 branches in low-to-moderate-income communities made up primarily of people of color. That accounts for just 15% of their total branch openings.

Reports of the death of branch banking have been greatly exaggerated.

Citigroup is seeking a second and perhaps final round of bids for its Mexican retail arm Banamex by the end of October in what could be one of the year's biggest banking deals, according to people familiar with the matter. 

Five days after the storm, Puerto Rico's largest bank is operating more than 90% of its branches, even though almost 60% of households are without power. Diesel-powered generators are a key reason why.

The bank, which is seeking regulatory approval of its proposed First Horizon purchase, said that a quarter of the branches will be in majority-minority or low-to-moderate income neighborhoods. Progressive groups have argued that the $13.4 billion acquisition would harm low-income communities.

Earlier this year, canvassers visited branches in five California counties to ask about account options. Some 37% of those who spoke Spanish were unable to talk to a banker, compared with 15% of English speakers, according to a report by the Roosevelt Institute.