Revenue and expenses

Chris Gorman, the Cleveland company's chairman and CEO, said at an industry conference that an ongoing shift to digital channels provides an “opportunity to continue to ramp up" efforts to shutter physical locations.

The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

Several community banks that put buybacks on hold during the pandemic’s earliest days have recently authorized new plans, signaling an easing in regulatory pressure and greater comfort with capital levels.

The company also plans to shed some corporate office space by the end of this year.

Data from the National Credit Union Administration shows that despite a dip during the second quarter, the rate of industry consolidation has not changed dramatically from last year, despite the pandemic.

The company said migration to digital channels spurred its decision to shutter locations across five states.

Executives and boards are bracing for elevated loan losses and stagnant revenue, which will mean more conversations about belt tightening as opposed to added investment.

The Massachusetts company, which converted from a credit union to a bank in 2013, is laying off more than 40 employees with a focus on people working in its retail banking operations.

Ulule is working with Bank of the West to build name recognition. It hopes to collaborate with other banks and credit unions as it vies with larger companies such as Kickstarter and GoFundMe.

The industry will have to grapple with pressure on net interest margins, interchange income and credit quality, said CUNA Mutual's Steve Rick during a virtual conference.

The Massachusetts company is laying off more than 40 employees with a focus on people working in its retail banking operations.

The industry's return on average assets has already dropped substantially and there are predictions that could get even worse. Many institutions will have to deal with elevated provisions for loan losses and expense management to survive.

The coronavirus pandemic has created major credit issues at the Boston bank and stymied efforts to improve profits, fueling speculation that the onetime serial acquirer could be a takeover target.

The prepaid card company benefited from payments that were designed to offset the pandemic’s impact on U.S. consumers.

The Pennsylvania company said the move is in response to margin pressure and customers' increased adoption of digital channels.

The slowdown in elective medical procedures caused by the coronavirus pandemic led to less spending from HSAs and a decline in interchange income for the Connecticut bank.

The Dallas company, which in May terminated a deal to merge with Independent Bank, set aside $100 million for worrisome loans and incurred severance costs after cutting an undisclosed number of positions.

Simmons First, which is based in Arkansas, plans to shutter 23 locations later this year, while Great Southern in Missouri has hired a firm to take a look at its network.

The Georgia company warned that outstanding loans could fall and deferrals will likely rise as its home state and Florida grapple with the pandemic.

The Pennsylvania bank incurred $2.3 million in expenses in second quarter after winding down unit BMT Investment Advisers.