The Michigan company, which lost more than $1.4 billion in the aftermath of the financial crisis, is trying to become more of a commercial lender. It recent agreement to buy a deposit-rich franchise in California could help it get there.
While technology will let many banks cut staff and reduce the size of branches, factors such as geography, customer demographics and strategic direction will ultimately shape the look and feel of future offices.
Most of Sterling Bancorp's operations are in San Francisco and Los Angeles. The company plans to use some of the $93 million it will raise to expand in New York and Seattle.
As market forces redefine much of the industry, similar to the effects of disruption in the retail sector, regulators should be embracing new banking models.
Florida and Texas are normally major sources of mergers, but bankers in those states likely will take a break to assess damage from the hurricanes before returning to dealmaking.
Bankers in Florida and Texas are dusting off their disaster-recovery playbooks, which focus on retrieving customers' valuables, ensuring employee safety and minimizing the bank's own legal exposure.
