Dec. 07--Regions Bank has raised the number of St. Louis area branches it will open next year, signaling an even more ambitious growth plan than previously announced.
Bank officials said Thursday they intend to open 10 new branches here by the end of 2018 -- three more than they announced in August.
The new locations are at 3005 Highway K in O'Fallon, Mo.; 14200 Manchester Road in Manchester and 3895 Veterans Memorial Parkway in St. Peters.
In August, Regions Bank announced plans to open seven new branches by the end of 2018, in addition to a new branch opening Dec. 11 in Clayton. The other seven previously announced new branches are in University City, Florissant, Lake Saint Louis, Des Peres, Twin Oaks and two in St. Peters. A grand opening is planned for the University City branch at 6680 Delmar Boulevard on Dec. 9.
"We're also targeting to open between five and eight more branches in 2019," Mike Hart, Regions' Midwest area president, said about growth plans for the St. Louis area.
Hart said the bank's focus group research shows many customers, particularly millennials, use their smartphones for many banking functions but they also want access to bankers for some transactions.
At its new Clayton branch at 8351 Maryland Avenue, Regions Bank has three video ATMs where users can select to talk to a banker via a screen on the machine to get the preferred denomination of bills for withdrawals, for example. Instead of teller lines, with Region Bank's new branch design, customers are greeted by a bank employee upon entry and directed to a banker.
In the St. Louis area, Regions Bank has more than 60 branches and 2.95 percent market share of deposits, as of midyear 2017, making it the fifth largest retail bank in the St. Louis area behind U.S. Bank, Bank of America, Commerce Bank and Enterprise Bank & Trust. Midyear in 2016, Region Bank's market share was 2.9 percent, according to the Federal Deposit Insurance Corp.
St. Louis is one of four markets Birmingham, Ala.-based Regions Bank has targeted to grow its branch footprint. The other cities where Regions Bank is adding branches are Atlanta, Houston and Dallas.
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