The Albany Community Branch of US Bank, seen today, was built in 1957.
US Bank is telling customers it will close the downtown Albany Community Branch in less than three months, on Jan. 2, 2021.
The Minneapolis-based company gave account holders the news in letters that arrived today.
This will be the second bank to leave downtown Albany since 2018, when Wells Fargo closed its branch at First and Broadalbin.
This is part of a trend. Nationally, banks have been closing branches ”at the rate of more than three a day for the last 10 years, according to the Federal Deposit Insurance Corp.,” a newspaper in Pittsburgh reported in July.
Banks have been pushing customers to do business online. In recent years the cavernous downtown branches of US Bank and Wells Fargo were usually devoid of people except for a handful of employees.
U.S. National Bank built the branch at 205 Ellsworth St. in 1957. The Linn County assessor says the property now has a real market value of $1.2 million and a taxable value of just over $1 million.
This year’s taxes, due Nov. 15, are $20,571. Since 1991, the total property tax paid for that address is about $409,000.
What happens to the building after the bank is gone is hard to predict. Its owner, a real estate management firm based in Minneapolis, will probably try to sell the property or otherwise try to figure something out. (hh)
Maybe the Methodist Church would like to move back.
Pfft…..$1.2 million? That’s chump change to CARA.
And given the way CARA abuses words, on Jan. 2, 2021 this building will be a “blight” on downtown.
So scratch that itch, CARA. Spend the money and transform the building into a …well, whatever pet project with the preferred crony rises to the top.
The watchdogs are now lapdogs. Don’t expect any barking.
Right…..sure has turned out well for them with the Wells Fargo building. When is that promised development going to be finished?
It was a spiffy place in 57( based on the old pics on display in the lobby when I was had business there). Lots of desks with adding machines and check protectors. No more physical paper trail, many fewer people. Back then, it was a regional business US National Bank of Oregon. Now it’s a behemoth.
I’ve always found the Waverly/Fred Meyer parking lot one more convenient.. not because of any special service, just where I live and the fact that I shop at Fred Meyer. I almost never go to “downtown” and honestly consider the Santiam Highway area from the train station to the interstate more of a “downtown” area.
As for US Bank itself.. I do have a beef that they don’t have Saturday hours any more, and don’t stay open until 6. At that point why even bother having a physical bank if I can’t use it for those special cases where I need in-person service when I have time?
At least for every bank that closes down we get a new self storage business.
It’s a cool mid-century building. It would be a great spot for a brew pub.
We were in Fred Meyer yesterday and noticed that the Chase branch at that location was closed also.
The Chase website says the closure of the Fred Meyer branch is “temporary.” But it doesn’t say for how long.
I inquired about the Chase branch at Albany Fred Meyer. This morning (Oct. 8) I learned that Chase does not intend to reopen that branch or the one at Corvallis Fred Meyer. There are no plans, however, to close the Chase branch in downtown Albany.
I have a problem with all of these physical banks closing. A few months ago, we were all told that there was a change shortage. I think I had half of it. I called the downtown branch and they made an appointment for me (due to Covid, the doors are closed but you can do your business during a pre-made appointment) I brought 4 coffee cans full of change in and they counted, bagged and deposited it for me. This is a service we will loose when they close. Also I, like others, do most of my “business” on Saturday mornings as everything is closed when I get home from work during the week.
Where is US Bank moving, or are the closing operations permanently in Albany?
What is going into the new building next to Sully’s doggie daycare on Pacific Blvd. They have no sign outside the new building indicating?
I think the building next to Sullys is going to be Kings Office supply. Some time back I saw where they were planning on a new building on that site.