Branch banking

The New Canaan, Conn., company said it will record a pretax expense of $3.9 million in the fourth quarter related to branch and office closings, severance payments and the end of a vendor contract.

The company is also looking to hire more senior lenders as it expands in markets around Los Angeles and San Diego.

Bank and credit union groups are pushing to include the industry’s front-line workers in the next priority group, but even as a recommendation is coming soon from a CDC advisory panel, the decision ultimately will be made state by state.

The company adds to a growing list of banks shutting branches to invest in technology offerings.

Cardtronics has benefited from a wave of branch closings during the pandemic by partnering with lenders looking to offer their customers access to cash even when a full-scale branch isn’t available.

The accelerating pace of branch closures is partly due to industry consolidation, according to the community reinvestment group that authored the new report.

The events of this year transformed banking, for better or worse. Smart bankers will build on the ways they learned to do their jobs better.

The Pittsburgh company also sold a portfolio of indirect auto loans and repaid a large amount of Federal Home Loan Bank borrowings.

The Waterbury, Conn., parent company of Webster Bank joins a fast-expanding list of banks reducing the size of their branch networks to save money and focus on digital capabilities.

The company is looking to shutter 10 of its 63 branches over coming months, reflecting a shift in customer preferences.