Branch banking

Thirty-eight TD Bank locations and 24 Flagstar branches are set to shut down. Both banks are coming out of tumultuous periods.

The North Carolina-based company said it expects to close about 4% of its branch network, or roughly 80 offices, by the end of the first quarter. The closures come amid Truist's $750 million cost-cutting initiative.

Across the industry, the pace of branch shutdowns slowed this year. Still, large financial institutions continued to trim their physical footprints, with two super-regional banks taking the most aggressive actions.

The nation's largest bank, which acquired the remains of San Francisco-based First Republic following its failure this spring, has completed its plans to close 21 offices this year. But the consolidation effort is likely to continue.

Following New York Community Bancorp's acquisition of Flagstar, the company is ditching the regional bank brands that it long used. CEO Thomas Cangemi calls Flagstar a "neutral" but "patriotic" name that underscores the firm's nationwide expansion strategy.

Michigan State University Federal Credit Union will open five branches in the Windy City to serve the more than 10,000 members and potential members living there. This marks the first time that the institution has expanded beyond its home state.

Bank of America is also planning to expand into Madison, Wisconsin; Boise, Idaho; and Birmingham, Alabama, a company executive said. The goal is to find growth opportunities that don't require operating a large number of branches, the executive indicated.

A $28 billion agreement with the National Community Reinvestment Coalition could help win regulatory approval for the acquisition of Michigan-based Flagstar Bancorp. The deal was originally expected to close last year.

Branches across the country have closed temporarily, or switched to drive-thru service, as infections and quarantine rules have forced many bank workers to stay home.

Bank and credit union groups are pushing to include the industry’s front-line workers in the next priority group, but even as a recommendation is coming soon from a CDC advisory panel, the decision ultimately will be made state by state.