Branch network

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.

Despite limiting on-site visits and adding more self-service channels, the industry is forging ahead with plans for hundreds of new or expanded brick-and-mortar locations.

The company, which reported a large third-quarter loss in October, plans to sell or shutter a quarter of its locations.

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

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

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.

First Horizon, TCF and Webster are among the banks eyeing efficiency initiatives that could include more branch closings, layoffs and reduction of office space. Expect others to follow suit as low rates and tepid loan demand tied to the pandemic pressure revenue.

As COVID-19 infections break records nationwide, some banks are once again closing lobbies. But many others are maintaining the status quo after instituting a host of safety protocols that didn’t exist in the spring.

Just a few months after signaling that provisions for loan losses had peaked, many banks are planning to once again add to reserves to guard against pandemic-related defaults, according to a survey released by IntraFi Network.

The Virginia company, which shuttered 14 locations in September, will close another five branches early next year.

Craig Dahl said working seven-day weeks to shepherd the integration with Chemical and then the combined company’s coronavirus response led to his abrupt retirement.

The deal will expand the credit union's reach into western Michigan at a time when a growing number of banks are trimming their networks.

The Connecticut company, which began reviewing its operations in January, said the effort gained momentum when the coronavirus pandemic hit.

The company will close nine branches over the next three months.