U.S. Bancorp is moving forward with plans to add 260 jobs in Earth City, state officials said Friday.
The Minneapolis-based company, parent of US Bank, will expand its mortgage servicing and technology operations here, adding jobs that pay about $55,000 a year, according to Missouri’s Department of Economic Development. It currently employs about 400 people in Earth City and 4,000 around the region.
The company has seen growing demand for mortgages and needs to add customer service representatives, said spokesman Tom Joyce.
US Bank originally announced the expansion in January, but the office space it planned to lease on South Rider Trail was leased to someone else. The company has found new space nearby, also on Rider Trail.
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The jobs are most welcome, said Gov. Jay Nixon.
“It is always exciting when one of our state’s top employers increases their investment in our state,” Nixon said in a statement. “We have worked hard to make Missouri an attractive place for growth in the financial services center.”
The news is the latest in a string of expansions by blue-chip companies in St. Louis County this year. U.S. Bancorp joins Monsanto, Boeing Co., Charter Communications and Reinsurance Group of American in announcing new jobs here just since April.
“This has been an unbelievable year for job growth in St. Louis,” Denny Coleman, president of the St. Louis County Economic Council, said in a statement. “We are thrilled that US Bank is bringing these jobs to Earth City.”
The deal is contingent on state and local tax incentives.
If all 260 jobs are created, US Bank will qualify for $4.3 million in Missouri Quality Jobs tax credits over the next five years, said Amy Susan, a spokeswoman for DED. St. Louis County has also offered property tax breaks for the project, which will be presented to the County Council next week.
