U.S. Bank has confirmed that eight of its branches in Minnesota that temporarily shut down at the onset of the pandemic have now closed permanently.
The bank made the closures official in a submission earlier this month to the Office of the Comptroller of the Currency (OCC), with customers having been informed in October.
The closed branches are:
- 301 W. Burnsville Pkwy, Burnsville
- 3M Center, St. Paul
- 401 14th Ave SE, Dinkytown, Minneapolis
- 2000 West Superior St., Duluth.
- Inside Hennepin County Medical Center, Minneapolis
- 177 St. Croix Trail S, Lakeland Shores
- Inside Medtronic, Fridley
- Inside Normandale Community College, Bloomington
Correction: An earlier version of this story stated that the Duluth branch at 130 W. Superior St. was closing. This was an error. U.S. Bank has put 130 W. Superior St. up for sale, but intends to sign a long-term lease with the new owners.
In a statement to BMTN, U.S. Bank confirmed the closures, saying that it had announced in October it would be accelerating its branch closures beyond the 15% it had announced in 2019.
That will mean a further 400 branches close, with the bank already having closed an estimated 300 branches in the past year.
It comes amid a major shift in consumer demand, with now 75% of all transactions and more than half of loans being taken out via the U.S. Bank website or its app, with COVID-19 having "sped up that transition the digital banking."
"About 18 months ago, we announced the branch transformation initiative aimed at better serving our customers in light of their evolving preferences," President and CEO Andy Cecere said October.
"At that time, we announced that we would close 10% to 15% of our branches by early 2021. To date, we have closed about 10%. We now plan to close an additional 15% by early 2021. The vast majority of these additional closures were branches that were impacted by COVID-19 and they will remain closed.
"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.”