U.S. Bank will close its Eldridge office Jan. 2, ending a business presence that began as the town’s first bank in 1899.
U.S. Bank officials alerted customers in a letter mailed Friday. The firm in 2019 announced plans to trim up to 15 percent, or about 300 branches.
U.S. Bank’s decision ends a 120-year presence in Eldridge.
Eldridge Savings was founded in 1899 and opened at the northeast corner of Franklin and Second streets at 118 W. Franklin in 1905.
Eldridge Savings moved to a new building at the northwest corner of Second and Davenport streets by 1908.
It combined with Stockman’s Savings Bank of Long Grove in 1934 and was renamed Central Trust and Savings Bank.
The current office at 220 W. Davenport St., was built in 1970, when it was known as Central Trust and Savings Bank.
The Minneapolis-based bank had 69 net closures through the first six months of the year, according to a S&P Global Market Intelligence report. The Minneapolis Business Journal reported the firm was “on a branch-closing tear.”