U.S. Bank Slows SoCal Expansion

Mirror staff

   US Bancorp has been forced to slow its expansion in Southern California. The corporate parent of Santa Monica Bank announced it would miss earnings targets due to an unexpected slowdown in fourth quarter profits. This trend is expected to continue into 2000. The news caused its stock to plummet to a multi year low of $25.63. 
   US Bancorp, the nation's twelfth largest bank, is in the process of digesting its acquisition of Western Bancorp/ Santa Monica Bank. US Bankcorp Chair John F. Grundhofer has stated his desire to have a substantial Southern California presence. With the stock price diminished, his ability to acquire other targets, such as Union Bank, is diminished. Santa Monica Bank will be changing its name in the next few months to USBancorp. 
   It is also ending its long-running ad campaign of humorous remarks on Santa Monica's Big Blue Buses.