ST. LOUIS — The U.S. Bank branches that have closed in St. Louis are part of a broader trend of consolidation in the industry nationwide.
Earlier this month, nine local U.S. Bank branches shuttered pushing the total to 27 closed in St. Louis since last fall. U.S. Bank's strategy to consolidate branches mirrors other banks.
U.S. banks and thrifts closed 2,993 branches in the 12 months ended Nov. 30, far outpacing the 1,088 branches that opened, according to S&P Global Market Intelligence.
For example, 395 branches closed in November alone, led by U.S. Bank. Eighty-seven branches opened that month. There are more than 84,000 total bank branches in the U.S.
In Missouri, which has 2,715 active branches, closings exceeded openings by 11 during November. The numbers were not broken down by city or metropolitan area.
U.S. Bank had said in October that it had closed about 10% of its branches, with plans to close an additional 15% by early 2021.
Other St. Louis banks have been active in openings, closings and renovations.
First Bank has renovated 12 branches inside Dierbergs Market, with plans for revamp full-service branches over the next two to three years. Bank Star, based in Pacific, is expanding in St. Louis with a branch in Sunset Hills.
Click here for the full story.
