Branch banking

Arvest Bank is hoping its version of a virtual branch — a stand-alone app that uses chat to forge a long-lasting relationship between bankers and clients — will suit its customers who prefer one-on-one interaction.

The New Jersey bank plans to reinvest half of the savings into technology development and hiring.

To satisfy a condition of its sale to BancorpSouth, Cadence Bancorp is selling the branches to First Bancshares in Hattiesburg, Mississippi.

The shift away from human contact increased the popularity of kiosks, ATMs and other technologies that allow for more flexibility in payment methods.

Despite spending billions, many banks fail to deliver on the human aspects of the customer experience that deepen relationships and drive customers into action.

Local financial institutions have fewer branches than big banks, and closing even one location makes it harder for them to serve their communities.

The retail consolidation in Midwestern markets will also support the bank’s branch expansion in Atlanta, Charlotte and other fast-growing cities across the Southeast.

The company has long focused on customers with ties to the two states. But as it emerges from the pandemic seeking new lending opportunities, CEO Rajinder Singh says, “We are looking at markets from Boston all the way down to Atlanta.”

The Tennessee company said merger costs tied to its Iberiabank acquisition are up $40 million from previous estimates. However, savings from additional branch closings and unexpected revenue gains should soften the blow.

For years, women have gotten a foot in the door to the finance industry by becoming bank tellers. Now that path is disappearing.