U.S. Bank turns South End pizza parlor into modernized branch
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U.S. Bank has opened its seventh Charlotte-area branch in the former Fuel Pizza spot on South Boulevard, one of South End's most visible corners.
Why it matters: The branch is the latest example of how brick-and-mortar branches aren't dying in the digital age. They're evolving, says Sekou Kaalund, U.S. Bank's head of branch banking.
What they're saying: "Our branch was designed differently. You no longer see ... 10 teller lines," Kaalund says.
When you walk into the South End bank — redeveloped from the shell of the pizza shop — you'll notice two teller desks, a cafe station and a small table with four armchairs. To your left and right are private offices with glass doors.
- "We want our customers to leverage the app, leverage the technology that we've invested in heavily," Kaalund says, adding that consumers feel comfortable knowing a branch has a banker they can talk to in person.
Zoom out: Banks are popping up faster than breweries once did in prime spots all over Charlotte, from the Fifth Third Bank in the former Babalu spot in Dilworth to the Bank of America next to the new Sprouts in NoDa.
- Charlotte-based Truist announced Thursday it's opening 100 new branches and renovating 300 over the next five years in "high-growth and economically vibrant markets," such as Charlotte.
- JPMorgan Chase just opened its 24th Charlotte-area branch, the bank's 1,000th branch since embarking on a major U.S. expansion in 2018. That's despite a 52% decline in the bank's teller transactions and a 65% spike in digital transactions since 2014.
Flashback: Minneapolis-based U.S. Bank opened its first Charlotte branch in Uptown in 2019, although the company first entered the market in 2005, according to CBJ.
- Today, its locations stretch from Huntersville to Blakeney and have grown its employee base in Charlotte to 1,400.
- After Fuel Pizza closed its doors following three decades in business, U.S. Bank picked up the lease on the building. The property owners told CBJ that a few banks had expressed interest in the site.
The big picture: Charlotte is the second-largest banking city in the country, posing some stiff competition to newcomers, but the wealth of financial talent has also been a draw for U.S. Bank, which has approximately 70,000 employees companywide.
- Plus, there's a fast-growing population of potential customers who are launching new businesses and getting mortgages.
- The bank says it serves tens of thousands of mortgage, auto loan and credit card customers in the local market.
What's next: U.S. Bank plans to open its next Charlotte-area branch in 2026 in Matthews (1640 Matthews Township Parkway), staffed with wealth management advisors.
- The bank is also nearly doubling its local business banking team to 23 bankers, who will focus on companies with annual sales between $2.5 million and $25 million.
- Longer term, U.S. Bank aims to double its branch count in Charlotte, Kaalund says, though he did not give a timeline.
