Among the first to shutter moving forward is a West Hollywood US Bank branch in Southern California.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: WehoTimes.com, IR.USBank.com, and SPGlobal.com.
I write extensively about the current state of U.S. banks for NewsBreak. Most of my recent articles on the subject have detailed upcoming individual branch closings of various banking establishments.
Now comes word that in the transition, further branches are closing as a result of US Bank’s acquisition of Union Bank.
Via WehoTimes.com’s “US Bank is Closing West Hollywood Branch and Moving to Union Bank,” a stalwart California location is among the next closing due to the acquisition.
From the report: The West Hollywood US Bank branch located at 8901 Santa Monica Boulevard is closing on May 26, 2023. US Bank has acquired Union Bank, which means employees will be moving to the Union Bank location down the street located about a seven-minute walk east, at 8631 Santa Monica Blvd (roughly 0.3 miles).
Let us explore further.
U.S. Banks, 2023
According to the initial December 1st, 2022 US Bank press release announcing the acquisition, the collective customer experience is expected to be streamlined.
As excerpted from the release: U.S. Bancorp today announced that it has completed the acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group, Inc. The transaction brings together two premier organizations to serve customers and communities across California, Washington, and Oregon and support a dedicated workforce across the West Coast. Customers will benefit from an expanded branch network, greater access to digital banking tools, and increased choice.
In the process, such as with the aforementioned West Hollywood location, individual branch closures are largely expected moving forward.
Per SPGlobal.com’s “US Bank Branch Closure Activity Slows Further in January,” U.S. Bancorp (USB) closed 7 branches in the first month of this year and opened no new locations.
This is a developing story. In the event of pertinent updates to this matter, inclusive of progress and official announcements of milestone dates, I will share them here on NewsBreak.
Thank you for reading.
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