US Bank is set to expand its retail banking presence in the country by opening its first branch in North Carolina.

The lender will open its first branch in the state in Charlotte, close to its corporate offices. It is said to be currently working with the Office of the Comptroller of the Currency on the expansion plan.

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US Bank expansion: Details

US Bank aims to open its first branch in this year and open another nine branches across the state by 2020-end.

With the opening of its first branch in Charlotte, the US Bank will have retail banking presence across 26 US states.

US Bank vice chairman for consumer & business banking Tim Welsh said: “US Bank operates across the country with a commitment to community vibrancy and economic vitality.

“Charlotte is an exceptional market and we expect to be a positive economic force there that helps individuals build strong financial futures and business owners reach their financial goals and objectives.”

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With around 800 employees, US Bank already has strong presence in Charlotte. Currently, it operates across corporate & commercial banking, investment services, risk & compliance, and mortgage sectors.

US Bank expansion: Future

The lender is also planning a re-investment programme in its existing core markets. This investment is expected to result into 60 to 80 new, re-located or re-designed branches by the end of 2020.

Additionally, US Bank is planning to bolster its footprint in key states such as Florida, Georgia and Texas.