U.S. Bancorp will add more than 300 employees in St. Louis by the end of the year largely to support its growth of mortgage lending in the area, according to a report in the Minneapolis/St. Paul Business Journal.
With many homeowners refinancing to take advantage of historically low interest rates, the Minneapolis-based company is expected to add at least 170 jobs in mortgage servicing and credit administration, according to a U.S. Bank spokeswoman.
The company is also adding small-business lenders and its community-development arm is expected to add roughly 45 employees to its staff of 154 to meet demand its renewable energy and tax-credit syndication businesses. In all, the $321 billion-asset U.S. Bank is expected to increase its number of employees in the St. Louis area by more than 8%, to roughly 4,000.
U.S. Bank has the No. 1 market share in the St. Louis metropolitan market, with more than 16% of the total deposits, according to the Federal Deposit Insurance Corp.
