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US Bank to expand retail banking to Charlotte, North Carolina

Minneapolis-based U.S. Bank is preparing to tread on Bank of America's turf with the opening this fall with a branch in Charlotte, North Carolina, its first in the state.

According to a press release, retail banking expansion complements the financial institution's current presence in Charlotte, where roughly 800 employees already provide services in several business areas, including corporate and commercial banking, investment services, risk and compliance, and mortgage. 

U.S. Bank is in the process of filing its application for expansion in North Carolina with the Office of the Comptroller of the Currency.

“Charlotte is an exceptional market and we expect to be a positive economic force there that helps individuals build strong financial futures and business owners reach their financial goals and objectives,” Tim Welsh, vice chairman of consumer and business banking, said in the release. “We already have tens of thousands of customers in the Charlotte market and we look forward to deepening those connections, as well as building a future generation of customers.”

U.S. Bank plans to open approximately 10 branch locations in Charlotte by the end of 2020. North Carolina will be the 26th state where the bank maintains a retail banking presence. 

In addition to entering Charlotte, U.S. Bank is undertaking a re-investment program in its existing core markets that will result in approximately 60-80 new, relocated or redesigned branches by the end of 2020, the release said. 

The FI said it will continue to explore future market expansion in states such as Florida, Georgia and Texas, where it has concentrations of employees and customers through its national mortgage, auto and credit card programs.

Topics: Bank / Credit Union, Branch Transformation, Branding

Companies: Bank of America Merchant Services, U.S. Bank

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