mtshasta news, February 15, 2021, Dunsmuir to lose last bank, Weed Mechanics Bank to merge with Mount Shasta
Two different bank branches are closing in south Siskiyou County this spring. US Bank in Dunsmuir – the community’s only remaining bank – is shuttering on May 10. On April 9, Mechanics Bank in Weed is closing and consolidating with the Mount Shasta branch.
According to US Bank CEO Andy Cecere, who is based in Minneapolis, Minnesota, the US Bank strategy involves shutting down 10 to 15% of their locations by early 2021. About 75% of these new closures will involve branches that were already temporarily closed due to COVID-19.
The number of bank branches in the U.S. has declined by 5.1% between 2017 and 2020 to just over 80,000, according to the National Community Reinvestment Coalition.
