Us Bank Des Moines Ia – The former Merchants National Bank Building, most recently known as the Bank of America Building, is located southeast of Second Avenue and Third Street in downtown Cedar Rapids. (Gazette)
CEDAR RAPIDS – Branch banking services in a downtown Cedar Rapids building are closing after 97 years of service.
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On Sept. 14, U.S. Bank closed its main Cedar Rapids branch at the corner of Second Avenue and Southeast Third Street. In early June, customers were notified of bank closures.
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Caitlin Hurley of Minneapolis, U.S. Bancorp’s vice president of public affairs and communications, said the main reason for the closures is changes in consumer banking practices, including the shift to digital and mobile banking The rapid transition of platforms and the desire for greater simplicity.
Hurley said U.S. Bank is maintaining other services downtown. These services support Iowa business owners and commercial customers, as well as customers seeking wealth management assistance through Bank of America. There are about 40 Bank of America employees in the downtown building. Hurley said “no fewer than five” branch employees were transferred to other Bank of America locations.
“We know that any branch closures will be disruptive to our customers and employees,” Hurley said. “We are working hard to make the transition as smooth as possible for everyone involved and all employees affected by branch closures have been transferred to Other branches. Bank of America jobs.”
Bank of America has four branches in the Cedar Rapids area and nine branches in the Cedar Rapids/Iowa City corridor. He added that there are currently no plans to open another location in Cedar Rapids.
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The 12-story Merchants National Bank Building was built in 1925-26. It was designed by the Chicago architecture firm Weary & Alford. It was once the city’s largest bank and the third largest bank in Iowa.
Hurley said U.S. Bancorp sold the building at 226 Second Ave. Southeast and entered into a long-term lease with the new owner.
Linn County Auditor’s Office records show the Merchants National Bank building was sold to Wayzata-based IOWA-MAP Holdings on Nov. 5, 2021, for approximately $8.4 million. At least
“I can understand the reasons for the closures,” said Dan Sullivan, a former bank employee in Cedar Rapids. “After the flooding, Derico and the pandemic, I’m sure there will be less foot traffic in downtown C.R. A retired 50 year old employee of this branch, I have fond memories of my time there and I am sad to see it close, I hope the beautiful ornate banking hall remains.
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While no jobs were lost when the Bank of America branch closed, some employees were moved to work locations outside of downtown Cedar Rapids. The Cedar Rapids Metropolitan Economic Alliance says even with these job shifts, there haven’t been any job losses downtown.
Nicky Wilcox, the alliance’s director of strategic development, said the most accurate measure of business activity in the city center was the number of parking lots per day. Those numbers have increased over the past two years, but Wilcox said parking totals are still about 20% lower than before the pandemic.
Before the pandemic, Cedar Rapids had seven parking lots with an average capacity of 3,800 people. As of July 2023, the average garage occupied more than 3,100 spaces.
“Many downtown businesses have actually grown, theoretically offsetting some of the job losses at relocating companies,” Wilcox said in an email to The Gazette. During the week, the number of people in the city reduce.
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“We used to estimate we had 13,000 (downtown) workers, so if we reduce parking by 20 percent, we’d have about 10,400 people coming to work every day.
Including people working remotely for downtown businesses, the estimated number of downtown jobs is still around 13,000, Wilcox said. He cited recent hires from TrueNorth, GreatAmerica, Cedar Rapids Bank & Trust, ImOn and GoDaddy.
“Hybrid and remote work arrangements are driving people downtown every day instead of losing their jobs,” Wilcox said.
Law firm Shuttleworth & Ingersoll, another tenant of the Merchants National Bank building, quickly reported to the Cedar Rapids Gazette at 500 Third Avenue. I want to go to SE’s old place. The move will keep the company and its jobs in the city centre.
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U.S. Bank’s Hurley couldn’t talk about Merchants National’s other tenants because the company no longer owns the building.
The city, coalition and other groups will travel to Denver, Colorado, to inspect downtown Cedar Rapids and recommend possible improvements. Progressive Urban Management Association, Downtown Consultants hired.
“After three site visits and input from more than 1,600 stakeholders and community members, they identified a number of key projects that will help revitalize downtown,” Wilcox said.
Ideas include repurposing unused space along the Third Street Southeast and Second Avenue bridge into places where people can eat, gather and attend events. Consultants also pointed to the need to attract more independent retailers and increase residential centres.
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Wilcox said consultants believe downtown Cedar Rapids “is above average when you compare our city to other cities across the country. Cities around the world are not satisfied and this has been It’s no secret, but our pass lease renewal rate is above average and we are slowly hiring more” employees citywide. “Go back to work,” he said.
Wilcox said downtown restaurant owners report making most of their profits during the dinner and evening hours.
“Twenty years ago we had a vibrant city center during the day and nothing was happening at night. Now we have a vibrant city at night but struggles even more during the weekdays,” Wilcox said . “We hope to implement some of the ideas in the City Center Vision Plan to ensure continued activity in the city center around the clock.”
Editor’s note: This report has been updated to correct the number of Bank of America employees relocating to other branches and to correct the construction date and design firm of the Merchants National Bank building.
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1969 – Merchants Bank of Iowa becomes part of Inc., but remains known as Merchants Bank.
1991 – FirstStar Corporation of Milwaukee acquires Bank of Iowa Corporation. Firststar Bank Cedar Rapids is acquired by Merchants National and renamed. The graphics on this page are viewable only on the Bank of America English website.
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