Strategic planning

The New Jersey company reported lower third-quarter profit that included severance costs from a two-year program to boost its bottom line.

The traditional community bank model of "being local and providing good service" no longer provides an competitive edge in a world dominated by online banking, according to Douglas Kennedy, CEO of Peapack-Gladstone.

Profits at the custody bank rose 16%, but it announced a new streamlining program that is expected to generate yearly savings of $250 million by 2020.

The San Francisco bank hopes to win middle-market business from its new commercial offices in Cleveland and Dallas.

Total revenue rose less than 1% to $21.8 billion, but expenses declined 2.5% to $13.1 billion. That computed to the highest profit at Bank of America in six years.

The company had strong gains in construction lending and trust fee income, but its business lending operation had flat results.

Overall net income rose 8% to $4.13 billion as cost control helped overcome shortcomings in global consumer banking profits and bond trading revenue.

The merger will create a bank with 13 branches and roughly $950 million in assets.

The Seattle company, which has cut about 130 positions in the business in recent months, pointed to lower originations tied to a shortage of new and resale housing.

The Ohio-based credit union relies heavily on employee input and an open-door policy to better craft the organization's strategic planning.