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Wednesday, Mar 27, 2024

U.S. Bank’s New Branch Focuses on Northeast Valley

U.S. Bank’s recent opening of a branch in Panorama City helps satisfy the under-served financial needs of the northeast Valley. The bank branch, located at the corner of Roscoe and Van Nuys boulevards, is right next to the Panorama Mall and surrounded by various strip malls. The bank has been in operation since Feb. 7 but had its formal grand opening celebration on March 15. Months before the opening, branch manager Stephani Velador and her staff passed out about 1,000 flyers and visited about 300 businesses in its surrounding area. Parent Company: U.S. Bancorp Total Assets: $308 billion Number of Nationwide barnches: 3,031 NUmber of Local branches: 52 Newest Local Branch Panorama City “We’re specifically trying to target the mom and pop businesses local to this office,” Velador said. “We have been, on a weekly basis, talking to business owners. … Down the road, there are some industrials that we are definitely going to start talking to, but right now, we just really want to expose ourselves to the one-and-a-half-mile-radius of businesses in our area.” Velador said she notices that the biggest need of local small businesses is greater cash flow, and because of this her bank offers various business loan programs. The branch also plans to partner with the Valley Economic Development Center, which will hold workshops at the bank office to teach how to grow a small business. Location, location The branch location was chosen as U.S. Bank’s new northeast Valley office because of the area’s business and resident density, the traffic flow and the prominence of the corner. “In terms of visibility, this was the most highly visible location, and so I think that gave us the opportunity to make us iconic in Panorama City,” said David Friedman, vice president and district manager for U.S. Bank’s Los Angeles north district and greater Los Angeles coastal region. Friedman said several locations were considered in the northeast San Fernando Valley for the new branch, including sites in San Fernando, Arleta and Lakeview Terrace. The new branch’s opening helps U.S. Bank expand further into the San Fernando Valley. About three years ago, U.S. Bank only had a couple of traditional branch offices in the San Fernando Valley, Friedman said. Now, there are about 14 traditional branch offices in addition to a dozen in-store branches. There are also plans to open a new in-store branch in Porter Ranch. “Most of the branches that are now in the Valley have either come through acquisitions, or they have come through opening stores in the grocery stores,” Friedman said. In 2008, U.S. Bank acquired Mellon 1st Business Bank, as well as Downey Savings and Loan Association. In 2009, it acquired California National Bank. U.S. Bank also has a presence in communities surrounding the San Fernando Valley. Counting traditional and in-store branches, U.S. Bank also has about 26 sites in the Antelope, Conejo, Simi and Santa Clarita valleys. Friedman said U.S. Bank’s focus to expand locally is based on the need for accessibility. “I think in order to be considered a bank that’s really serving the community, you have to be where the people are,” he said. “We’re slowly but surely getting better in terms of being better able to serve our customers so that no matter where they are in a metropolitan area, there’s going to be a bank that’s accessible to them.” Community support Local organizations have extended their support for the new branch, touting its benefits. “I believe it is going to bring jobs and a little bit of class to the neighborhood,” said Saul Mejia, the Panorama City Neighborhood Council’s commerce committee chairman. He said the council is particularly pleased that the bank is willing to lend to small businesses and to educate them through classes. The council is currently in the process of trying to help the branch get past the city’s signage regulations. “We’re trying to help them get a decent sign that will match some of the other banks in the area size-wise,” Mejia said. Other banks in the immediate area include Chase, Wells Fargo, Union Bank and a Kaiser Federal Bank. The VEDC has also supported the branch, helping introduce its managerial team to businesses in the community. “When U.S. Bank announced that they were going to be opening a center in Panorama City, we totally jumped on it,” said Cynthia Ibarra, the VEDC’s director of strategic partnerships. “It’s a huge commercial area and highly populated, so there was a need for additional banks.”

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