No, U.S. Bank is not closing down. U.S. Bank is downsizing considerably, though, having shuttered almost 860 of its branches from mid-2019 through the end of 2021.
One of the reasons why the U.S. bank is closing branches is that an increasing number of customers continues shifting to digital banking platforms to manage their accounts. Hence, 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.
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. On top of that, bank branch closures increased by 38% in 2021. As a result, shuttered branches exceeded 2,900, setting a new record high.