U.S. Bank Shuttering West Side Branch
It's the second Milwaukee area branch bank to close this year.
U.S. Bank branch at 2537 W. Wisconsin Ave. Photo by Jeramey Jannene.
U.S. Bank is shuttering a long-time branch on Milwaukee’s Near West Side.
The Minneapolis-based bank, the seventh largest in the country, will close its 57-year-old branch at 2537 W. Wisconsin Ave. on May 7.
It follows the January closure of a branch in Wauwatosa.
“Client’s banking preferences and behaviors are changing, including a rapid migration toward digital and mobile banking platforms, and a desire for greater simplicity. As we evolve along with our clients, we are reevaluating our physical footprint, and in some instances, consolidating branch locations in select markets. Although we are closing some branches, we continue to open and enhance others, as well as rapidly enhancing our digital capabilities,” said a company spokesperson.
Customers were notified last week of the impending closure. The nearest branches are located at 777 E. Wisconsin Ave., in the base of the U.S. Bank Center, and at 939 W. Historic Mitchell St.
U.S. Bank, according to an FDIC report of customer deposits, has the largest market share in Milwaukee County at 43.5% and $21.3 billion in deposits. After the closure, it will have 11 branches in the city proper and several in surrounding communities.
The 5,180-square-foot Milwaukee branch, according to city assessment records, was constructed in 1967. Originally built for First Wisconsin National Bank, it was later rebranded as Firstar and then U.S. Bank after the banks’ 2001 merger. An affiliate of the bank, according to assessment records, owns the 22,648-square-foot property.
A closure notice was filed with the Office of the Comptroller of the Currency on Feb. 6.
In 2005, the bank contemplated demolishing the structure as part of a mixed-use development from Sherman Associates that would have included affordable housing and a new bank branch. Those plans did not advance after the developer twice failed to secure low-income housing tax credits.
According to a 1956 Milwaukee Journal article, a house on the site was home to then-county supervisor and future Milwaukee County Executive William F. O’Donnell.
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less availability of banking services for POC all in the name of saving costs for shareholders. Ridiculous.
And mergers with US Bank were allowed … why?
Happens across the industry and it’s sick that nobody has ever hit the brakes.