Branch network

The company will close branches and cut jobs, with plans to reinvest some of the savings into digital enhancements.

The Cleveland company will exit indirect auto lending and close branches so it can devote more resources to mortgages, student loans and other relationship-driven, digital-friendly businesses.

The company will close eight locations, noting that customers have been quick to adopt digital channels during the coronavirus pandemic.

The North Carolina company had promised regulators not to close large numbers of branches until December. Meanwhile, vendor contracts, leases and other hurdles have made it hard to accelerate efforts to offset a sudden decline in revenue.

The Illinois company will shutter 17 locations, or about 15% of its branches, early next year.

The Minneapolis company says the majority of branches earmarked for closing have already been shuttered for months due to the pandemic. Some of the savings will be plowed back into digital expansion.

The coronavirus outbreak has taught community bankers to think on their feet and experiment. Speakers at an industry conference this week advised their peers to stay innovative to ensure they endure in a changing world.

The company joins a growing list of community banks paring back their networks.

The moves are intended to offset a protracted period of historically low interest rates and expectations of higher credit costs in 2021.

A nationwide branch network remains a calling card for the entire industry, while also exemplifying the movement's cooperative spirit.