Cadence Bank in Tupelo, Miss., plans to close 35 branches this year, or roughly 8.5% of its network.
The $48.7 billion-asset bank, formed through the merger of Cadence and BancorpSouth, had 412 branches in mid-2022, according to data compiled by the Federal Deposit Insurance Corp.
“In order to best optimize and strengthen our branch network, we have made this decision,” Dan Rollins, the bank’s chairman and CEO, said in a statement shared by several publications.
“While branches remain an integral part of the customer choice, constantly evolving innovation in community and retail banking has provided customers with more choices and convenient ways to access banking services – in person, online, via mobile, by telephone, as well as via ATMs and ITMs,” he added.
The reports did not specify where all the closures will take place.