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Branch banking services in the 12-story building at the corner of Second Avenue and Third Street SE in downtown Cedar Rapids have ceased after nearly 98 years of service.
California was already U.S. Bank's biggest market and got even larger with its recent purchase of MUFG Union Bank.
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The purchase give Minneapolis-based U.S. Bank a much bigger presence in California, Oregon, and Washington.
He came to the Twin Cities in 1990 and built U.S. Bancorp through a series of acquisitions. John “Jack” Grundhofer, one of Minnesota’s prominent banking leaders in the 1990s, died Jan. 24 in California. He was 82. A Los Angeles native, Grundhofer came to the Twin Cities in 1990 to lead First Bank System as its chairman, president and CEO. When he was recruited from Wells Fargo to join First Bank System, he knew he was being brought in to engineer a rescue effort. The bank had financial problems, which Grundhofer partly addressed through aggressive cost-cutting. Grun...