- Key insight: U.S. Bank's business-banking expansion will focus on the interconnectedness of the lender's products, according to Gerard Cassidy, an analyst at RBC Capital Markets.
- What's at stake: The $725.9 billion-asset company is seeking to replicate the formula it's used to deepen relationships in its consumer-banking business, Cassidy said.
- Expert quote: "The business bankers will be working with other parts of the bank, such as wealth management and commercial real estate." — Gerard Cassidy, analyst, RBC Capital Markets
Minneapolis-based U.S. Bancorp is expanding its business-banking operations to two Southeast states outside of its 26-state branch footprint, as it seeks to build a national presence for the unit.
The bank's recent hires in Florida and Georgia — as well as Arizona, where U.S. Bancorp does operate branches, and Texas, where it doesn't have branches but had previously been offering business banking services — follow similar expansions in other states last year.
Since the start of 2026, U.S. Bancorp's bank subsidiary has added more than 50 customer-facing positions in its business-banking unit, the company said in a press release. The bankers work with businesses that have between $2.5 million and $50 million of annual sales.
A spokesperson for the $725.9 billion-asset bank did not respond Monday to an interview request. But Gerard Cassidy, an analyst who covers U.S. Bancorp for RBC Capital Markets, said he expects the expansion of business banking into new markets to focus on the interconnectedness of U.S. Bank's products, which can lead to deeper customer relationships.
"The business bankers will be working with other parts of the bank, such as wealth management and commercial real estate," Cassidy said in a note to clients.
Cassidy compared U.S. Bank's strategy in expanding its business-banking unit to the aim of a consumer-banking platform that the company rolled out in 2024.
Consumers who use that platform, Bank Smartly, can bundle multiple products, such as a checking account and a savings account, and receive better pricing than they would otherwise. U.S. Bancorp has said that as of June 30, Smartly checking and savings accounts contained $84 billion of deposits, or about 16% of the bank's total deposits.
"With the Smartly suite and the products we have now, and the pricing models that we have associated with that, we have an area where we can equip the frontline branch folks with the tools to help us grow," Chief Financial Officer John Stern said during a July 16 call with analysts.
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Most of U.S. Bank's branches are located in the Midwest and the West, and the company
The latest expansion efforts are centered around Atlanta, Phoenix and Dallas, as well as throughout Florida.
"Our continued investment in talented bankers reflects the strong demand we're seeing from business owners who want a trusted banking partner with national capabilities and local market expertise," Dee O'Dell, U.S. Bank's head of business banking sales, said in the press release.
To lead its Florida expansion, U.S. Bank hired Erhen McGeehan. McGeehan, who spent 14 years at U.S. Bank earlier in his career, was most recently at Little Rock, Arkansas-based Bank OZK, according to his LinkedIn profile.
Also joining U.S. Bank from Bank OZK is Laura Chapa, who's serving as U.S. Bank's business banking sales manager in Dallas. Leading the Georgia expansion is Averyl Belyea, who previously worked at Bank of America, according to her LinkedIn profile.
In addition to hiring relationship managers, U.S. Bank is also continuing to grow its
