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.