Branch banking

The companies are reacting to an ongoing shift in customer preferences to digital channels.

The ATM and payment terminal makers are facing more competition from software providers. Both have taken steps to head off this threat.

Cardtronics will accept a $1.7 billion sale to NCR after the ATM producer outbid Apollo Global Management and Hudson Executive Capital.

The Columbus, Ohio, company plans to close nearly 200 branches in the state — including more than 90 in Meijer grocery stores — after it acquires TCF Financial. It also intends to significantly boost its technology spending to improve its digital capabilities.

Pandemic-induced shifts in how people work and bank will allow the Tennessee company to shed more branches and office space. It now projects it will slash expenses by an additional $30 million a year.

The Connecticut company said it will take several years to shut down the locations, which are located in Stop & Shop stores. About 80% of the branches are within five miles of traditional locations.

Sandy Spring Bancorp also plans to shrink its network as more customers move to digital channels.

Hundreds of branches temporarily shuttered during the pandemic are now permanently closed.

CEO Michael Hayford wants to transform Cardtronics' ATM fleet into a distribution network for fintech services. But first he has to persuade the company to accept his offer.

NCR offered to buy Cardtronics for more than $1.7 billion, beating an earlier bid for the ATM operator from Apollo Global Management Inc. and a partner.