U.S. Bank sees room to expand in Charlotte despite some big competition
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- U.S. Bank opened its seventh Charlotte branch and plans another in Matthews.
- The bank aims to double its Charlotte branches, emphasizing advisory services.
- Charlotte banking market grows as major national banks expand regional presence.
U.S. Bank is expanding in the Charlotte with the addition of two branches in as many years and adding bankers.
U.S. Bank opened its seventh Charlotte-area branch with the Johnson C. Smith University band performing on Wednesday at 1801 South Blvd. in South End. Another branch will open in Matthews, U.S. Bank said. The branch at 1640 Matthews Township Parkway is expected to be completed next year.
The branch offers business banking, wealth management, corporate and commercial banking, and mortgage to match “the incredible growth” in the greater Charlotte area, Heather Kesner, U.S. Bank branch and small business executive for the East region said in Wednesday’s announcement.
Charlotte has seen several other banks enter one of the largest banking centers in the U.S. The region is dominated by Bank of America and Truist, both headquartered in Charlotte, and San Francisco-based Wells Fargo.
Truist on Wednesday announced a major expansion of its own, with plans to open 100 branches over five years in its growing markets, including Charlotte.
In 2019, U.S. Bank opened its first branch in Charlotte, and it now has locations as far north as Huntersville and south to Blakeney. The bank has over 61,000 customers here, Sekou Kaalund, head of branch and small business banking for U.S. Bank told The Charlotte Observer on Wednesday.
“Overall, we’d like to have twice as many branches because we want our branches within proximity to where people live, work and play,” Kaalund.
The new branch is focused on advising clients. Instead of 10 teller lines, for example, the South End bank has two client assistant lines and more open spaces for customer discussions, Kaalund said.
“Banking is important. It can be so critical for a community,” Kaalund said. “They’re the visible storefront of the institution. We want people to come into the store so we can ensure they have access to top technology, tools, and engaged bankers, so that we’re really part of your conversation of how you think about your financial goals.”
U.S. Bank has 2,100 branches companywide.
‘The evolution of the (bank) branch’
U.S. Bank chose Charlotte for retail banking expansion because of its extensive employee and customer base, the bank said.
“People have been talking about the death of the branch for the last 30 years. And clearly that has not come. What is happening, though, is the evolution of the branch,” Kaalund said.
Banks are designed differently today to meet customer needs, Kaalund said. And in Charlotte, he acknowledged that many banks are expanding, drawn to the city’s growth.
“It’s a reflection of the tremendous opportunity in Charlotte not just an opportunity for us but investing in talent,” Kaalund said, calling Charlotte a hub market for U.S. Bank. “It’s just a reminder that you have to provide value and help your customers and put them first in order to retain and grow.”
Inside the new U.S. Bank branch
Among the 2,700-square-foot branch features are:
- Two banker-customer support stations replacing teller lines.
- Private offices for in-depth conversations.
- Cafe with coffee and beverages.
- In-lobby and outside ATMs with the option to get cash.
- Bilingual services in Spanish and French.
- U.S. Bank Smart Assist online allows customers to browse live video to see bankers you are speaking with.
The branch will have up to five bankers, plus small business specialists and wealth management advisors. U.S. Bank is nearly doubling its business banking staff to 23 bankers and support personnel focused on serving businesses with annual revenue between $2.5 million and $25 million.
There also is a business access advisor dedicated to supporting the success of small businesses, Kaalund said.
More about U.S. Bank
U.S. Bancorp, based in Minneapolis has about 70,000 employees companywide and 1,400 in the Charlotte region. U.S. Bancorp has $686 billion in assets as of June 30.
Since expanding to Charlotte, U.S. Bank has been investing in the community.
During the bank opening, U.S. Bank donated $10,000 to community organizations, split between YWCA Central Carolinas, a nonprofit that provides a safe place for women and families facing instability, and Johnson C. Smith University, Charlotte’s liberal arts HBCU.
The bank also has committed nearly $4.5 million to affordable housing and $1 million toward the Rail Trail bridge that will connect uptown to South End.
“We may not have the branch count of our competitors, but what we can have is an engaged community,” Kaalund said.
More bank branches in Charlotte
Along with U.S. Bank, several other banks have announced Charlotte expansions.
- Included in Truist’s new branch plans announced Wednesday are plans to renovate over 300 existing ones, enhancing digital capabilities and hiring more advisors.
- Last month, Florida-based BankUnited Inc. debuted by hiring three corporate banking and commercial real estate executives here. The bank is eyeing SouthPark to build its first branch.
- In May, Bank of America said it will open more than 150 financial centers in 60 U.S. markets by the end of 2027, including around Charlotte.
- Last month, the largest U.S. bank, JPMorganChase, debuted its 5,300-square-foot branch in SouthPark. Last year, Chase added 24,000 square feet and more than 200 employees to its Charlotte office in the Rotunda building. The bank is adding more than 15 branches by the end of 2026 and hiring hundreds of people.
- Last month, Texas-based USAA Citigroup Technology, a division of the investment bank and financial services firm Citigroup, also said it will invest $16 million and hire 510 more workers by 2027 in Charlotte.
- In May, Columbus, Ohio-based Huntington National Bank opened its first Charlotte branch at 6700 Fairview Road in SouthPark. A second branch will open next month at 124 E. Kingston Ave. in South End.
- Fifth Third Bank, Cincinnati, Ohio, is expanding across the Southeast with plans to open nine branches in the Charlotte market through 2028, including one in Steele Creek by the end of the year.
- Pittsburgh-based PNC Bank plans to add at least 25 branches in the Charlotte area over the next five years as part of the bank’s $1.5 billion branch investment plan
