U.S. Bancorp of Portland, Ore., said it plans to close 52 branches in that state, Washington, and Idaho next year after its merger with West One Bancorp.
Sally Pope Davis, a stock analyst in New York with Goldman Sachs & Co., said the closings are likely to account for 25% to 30% of the $84 million of cost cuts the banks plan to make. She and other analysts added that the announced closings were in line with expectations.
"This is pretty consistent with what they telegraphed when they announced the deal," Ms. Davis said.
Thirty-one of the branches to be closed are in Washington, 17 are in Oregon, and four are in Idaho. Thirty-seven of the branches are from West One; the rest are from U.S. Bancorp.
"In most instances, the West One and U.S. Bank branches involved in consolidations are across the street or down the road from one another, with one branch better equipped to handle the needs of our customers," said Gerry B. Cameron, U.S. Bancorp's chairman and chief executive.
Customers in the affected branches will be referred to other nearby branches.
U.S. Bancorp, which has $21.3 billion of assets, announced plans to acquire West One, a $9.2 billion-asset bank based in Boise, Idaho, on May 8. The banks expect to consummate the merger by yearend.