U.S. Bank will be setting up a new center in Earth City that will house tech operations staff and mortgage customer service representatives.
The project is expected to create 260 new jobs with annual wages of around $55,000. U.S. Bank is already the largest bank in St. Louis, with more than 4,000 employees in the region, including 400 existing employees in Earth City.
This project was originally announced in Jan 2013, but was delayed because of site location complications. At that time, U.S. Bank had applied with the St. Louis County Economic Council for local incentives in the form of property tax breaks.
Denny Coleman, president and CEO of the St. Louis County Economic Council, said it had been an unbelievable year of job growth in St. Louis, and added that they were thrilled about U.S. Bank bringing new jobs to Earth City.
Steve Johnson, executive vice president of the St. Louis Regional Chamber, said they were pleased to work on this major recruitment project over the past year in partnership with the Missouri Department of Economic Development and the St. Louis County Economic Council.
Apart from the local incentives, U.S. Bank will also be eligible for state incentives in the form of around $4.3 million in tax credits under the Missouri Quality Jobs program.
Missouri Governor Jay Nixon said that it was always exciting when one of the state‚Äôs top employers increases their investment in Missouri. The Governor said the expansion was just the latest evidence that efforts to make the state an attractive place for growth in the financial services industry were paying off.
Missouri is the only state with two Federal Reserve Banks, which provides a unique advantage for the state‚Äôs financial services industry.
U.S. Bank is the fifth-largest bank in the U.S., with $353 billion in assets as of June 2013. It is also the fourth largest in terms of the number of branches, with 3,087 banking offices and 63,000 employees across 25 states.