Jim Dobbs

The Detroit regional relied on smaller teams, flexible deadlines and tightly defined tasks to convert the systems of Chemical Financial and rebrand.

Spinning off its digital bank will allow Pennsylvania-based Customers to beef up its commercial lending and buy other banks. BankMobile, meanwhile, plans to pursue more white-label relationships and perhaps explore its own acquisitions.

Several big bank mergers fell apart after the coronavirus hit. But Bryan Jordan, First Horizon's CEO, said the pandemic validated plans to cut costs and invest more in digital upgrades.

⁠John Corbett says building scale, lowering costs and strengthening technology offerings have become more critical for banks to stay competitive.

At least four pending deals have been canceled since the economy was locked down to slow the pandemic's spread. With banks' market values falling and loan-loss provisions piling up, more terminations are likely.