PORTLAND — U.S. Bank will permanently close 26 branches in the Portland metro area.
The company informed customers earlier this month that it would close 32 locations in Oregon and another three locations in Southern Washington within the Portland-metro area. Twenty-five of the 26 branches that will permanently close in the Portland metro area had already been temporarily closed due to operational changes associated with the coronavirus pandemic. The Washington Square branch remains open, but will close Jan. 2.
The closures will impact more than 25% of the bank’s Portland metro area branches.
U.S. Bank, which was founded in Oregon and based in Portland until 1997, will close nine branches in Oregon outside the metro area, five of which will close Jan. 2, said Evan Lapiska, a spokesman for the company.
The company will lay off workers due to the closures, but has not announced how many positions will be impacted. Lapiska said that many displaced employees will be offered the option to apply for new jobs at U.S. Bank.
U.S. Bank originally announced in 2019 that it would close 10 to 15% of its branches nationwide by 2021 in an attempt to optimize its branch footprint. The company put a pause on the plan earlier this year due to the pandemic, but is now moving forward with the closures.
However, Lapiska said it is likely that more than 15% of the bank’s branches will ultimately close as the company responds to the economic impacts of COVID-19.
“We will likely exceed that number as we continue to respond to the changing environment and market dynamics,” Lapiska said. “Although we are closing some branches, we are continuing to open and enhance others, as well as rapidly enhancing our digital capabilities.”