ST. LOUIS — U.S. Bank has closed its branch at 721 Locust St. in downtown St. Louis.
The closing does not affect the bank's adjacent corporate offices in the tower at 505 N. 7th St., called U.S. Bank Plaza. "This is not related to or have any impact on the corporate space," Evan Lapiska, a U.S. Bank vice president of public affairs and corporate communications, said in an email to the Business Journal.
Asked whether U.S. Bank plans other branch closures in the St. Louis area, Lapiska said he would respond with more information but hadn't by deadline.
U.S. Bank has been a leader in branch closings in 2020, with 69 net closures through the first six months of the year, according a S&P Global Market Intelligence report.
U.S. Bank, led in St. Louis by market president Larry Otto, had 112 offices in the metropolitan area as of June 30, down from 114 a year earlier, according to the Federal Deposit Insurance Corp.
In 2019, U.S. Bank said it could close up to 450 branches in the coming years. It had nearly 2,800 branches at the end of 2019, including grocery store locations, according to the bank.
U.S. Bank CEO Andrew Cecere said in July that the bank could close more branches than previously estimated due to changing consumer behaviors. "Nearly 80% of transactions now occurring in a digital fashion," he said. "The branch activity as far as transactions is down a lot."
U.S. Bank is the second largest holder of deposits in the St. Louis market, with $15.5 billion and 14.34% market share. Bank of America is the largest, with more than $18 billion and a 16.65% market share.
