U.S. Bank of Utah said it will close seven of its eight offices in the state by the end of the month and consolidate deposit accounts of the closed branches at its 2 East Broadway office in Salt Lake City.
The Utah operation is a subsidiary of U.S. Bancorp, based in Portland, Ore., and has a reported $65 million in assets. The company said it will begin offering "membership banking" services and a larger line of consumer loans at the surviving bank office downtown. The bank is state chartered and insured by the Federal Deposit Insurance Corp.Closing on Feb. 28 will be U.S. Bank offices in Holladay, West Jordan, Orem, Price, American Fork, Brigham City and Logan. The company said employees will remain on hand at all of the branches through the end of March to take customer questions and help them move their accounts.
U.S. Bank of Utah President Robert C. Dickie said the bank is well capitalized, has quality assets, has grown and been profitable in Utah, but has not achieved the growth and return on equity it wanted. By centralizing the operation, reducing overhead and offering additional services, he said those goals should be achieved.