No, U.S. Bank is not closing down. U.S. Bank is downsizing considerably, though, having shuttered close to 600 of its branches from mid-2019 through the end of 2020 as more of its customers continue shifting to digital banking platforms to manage their accounts.
Many of the branches that were temporarily closed in 2020 because of the coronavirus pandemic have since closed permanently, according to officials from U.S. Bank. The branch closures are expected to save U.S. Bank up to $150 million annually, starting as early as the first quarter of 2021.
U.S. Bank’s branch closures are part of an overall trend nationwide. More than 4,400 bank branches across the country have closed between 2017 and 2020 – a decline of around 5%.
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