Branch network

Truity Credit Union in Oklahoma is selling its only branch in the state.

While many institutions are part of nationwide shared-branch networks, three Southern California credit unions have agreed to share one facility. The arrangement is believed to be the only one of its kind.

The Indiana company said the move reflects a need to cut costs and customers' increased preference for digital channels.

The Delaware company would remove a rival, gain scale in affluent Philadelphia suburbs and accelerate its transformation from a branch-heavy lender to a digital-first bank with the $976 million acquisition.

Toronto-Dominion Bank said it will close 82 bank branches in the U.S. as part of a “store optimization” in its American unit, where net income dropped in the fiscal first quarter.

Comerica, Regions and Frost Bank closed hundreds of branches statewide while others ran them at reduced capacity or on power generators to help ease the strain on the state’s overwhelmed power grid.

Canada’s fourth-largest bank is pressing ahead with big technology investments to cut costs and try to generate more revenue from existing customers, said Erminia Johannson, BMO’s head of personal and business banking for the U.S. and Canada.

The credit union expects to open at least eight branches across the country in the months ahead, about half of what it normally adds to its brick-and-mortar network in an average year.

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

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.