U.S. Bank plans to close one branch each in Cedar Rapids, Iowa City, Washington, West Branch and Williamsburg after announcing a new round of branch closures.
The holding company for U.S. Bank disclosed plans to close 400 additional branches, or 15% of its branch network, by early 2021, during an Oct. 14 earnings call with analysts. The new round of closings follows plans announced earlier in the year to close 10-15% of all U.S. Bank branches, and are expected to bring total branch closings to about 25% of the bank’s network of 2,800 branches.
“The great majority of these additional closures were branches that were impacted by COVID-19 and they will remain closed,” U.S. Bancorp Chairman, President and CEO Andy Cesare said on the Oct. 14 earnings call. “While physical branches and personal interactions will always be important, we need fewer branches today than we did even a few years ago, and the branches of the future need to be more advice centers and locations where transactions take place.”
Branches at 1117 William St., Iowa City, and 129 16th Ave. SW, Cedar Rapids, which have been temporarily closed, will be permanently closed as of Nov. 1.
Branches set for closing effective Jan. 2, 2021, are at 408 Court St., Williamsburg; 127 Main St., West Branch; and 300 S. Iowa Ave., Washington.
“Although we are closing some branches, we are continuing to open and enhance others, as well as rapidly enhance our digital capabilities,” U.S. Bank spokesman Evan Lapiska said in an email. “We are proud of our history serving customers at these locations, and look forward to continuing to serve the community through our other locations in the area along with our convenient digital and voice offerings.
Mr. Lapiska said affected employees will have the opportunity to apply for other available openings, particularly in areas the mortgage division and customer care centers that have an identified need for additional support with flexibility in work location. Employees will remain in their current role until January unless they elect to move on before that time, he said, and those who elect to leave the bank at the end of their notice period will receive a comprehensive severance package and outplacement services.