U.S. Bancorp to leave the Valley
By Karl Henkel
U.S. Bancorp will vacate the Mahoning Valley by April, a company representative confirmed to The Vindicator on Wednesday.
The Minnesota-based bank, the sixth-largest in the country, will close its nine locations inside Giant Eagle stores by April 6.
A company representative told The Vindicator that because of an exclusivity deal signed last fall between Giant Eagle and Huntington Bancshares, Inc., U.S. Bank could not renew its leases.
The representative said the company looked for other store partners and explored the possibility of opening separate branch locations but “did not see enough out there,” which led to the decision to leave the market.
The bank has locations in Boardman, Canfield, Howland, Newton Falls, Niles, Poland, Youngstown and two in Warren.
ATMs in all nine locations will remain intact. The bank also offers many of its services online.
There are about 40 people working at the nine area locations, and all will have opportunities to find new work within the company.
According to the annual FDIC deposit and market-share report released earlier this week, the bank owned a 0.61 percent market share in the Valley, putting it 16th among 19 institutions in the region.
The bank’s first area location opened in 1997.