CB Financial Services, Mercantile Bank and Nicolet Bankshares said they are looking to shutter a total of 12 locations in coming months.
Bank consolidation has been stagnant since the pandemic hit, and the outlook for the rest of the year is bleak.
The company said it had cut 20 positions and had found a way to shed 35,000 square feet of office space by the end of 2020.
Eric Luse, who co-founded the Luse Gorman law firm, helped Community Bank Shares of Indiana create the first MHC in the early 1990s.
The Loan Source, the nonbank lender buying the Paycheck Protection Program loans, has similar deals in place with other lenders.
Arbor Bancorp and FNBH Bancorp said the pandemic had created uncertainty about the regulatory process for securing approval for the deal.
Bankers’ criticism that the expanded designation would bolster the largest credit unions is misguided.
John Corbett says building scale, lowering costs and strengthening technology offerings have become more critical for banks to stay competitive.
Worried about a lack of demand and that some of their customers are ineligible, community banks are still on the fence about participating in the effort to back loans for businesses recovering from the pandemic crisis.
Kennebec Savings Bank will have $1.3 billion in assets after it absorbs Kennebec Federal Savings and Loan Association of Waterville.
