US Bank Announces Expansion of Mortgage Servicing Division in Owensboro

Governor Steve Beshear and Owensboro Mayor Ron Payne announced today that U.S. Bank National Association, a subsidiary of U.S. Bancorp (NYSE: USB), plans to expand operations in Owensboro, add 332 jobs and invest more than $15.2 million in the project. 

The project is a phase III expansion of the Home Mortgage servicing division in Owensboro with an addition to the campus in the Mid America Airpark.

U.S. Bank National Association originates loans nationwide through a network of more than 2,700 branches in 24 states. The U.S. Bank Mortgage Servicing Center, located on Tamarack Road in Owensboro, supports U.S. Bank’s national portfolio of 1.63 million loans totalling approximately $266 billion. The expansion in Owensboro will meet increased demand for U.S. Bank’s mortgage services.

This is the third US Bank expansion in Owensboro since 2009, the 500-job expansion in 2010 exceeded expectations and job targets.

“Simply put, this is a victory, not only for the Commonwealth, but for Owensboro and for U.S. Bank,” said Gov. Beshear. “U.S. Bank plans to add 332 employees and invest more than $15.2 million in this expansion, proving how successful this area has been for such a respected institution, and showing U.S. Bank’s commitment to a promising future here in Kentucky.”

U.S. Bank National Association originates loans nationwide through a network of more than 2,700 branches in 24 states. The U.S. Bank Mortgage Servicing Center, located on Tamarack Road in Owensboro, supports U.S. Bank’s national portfolio of 1.63 million loans totalling approximately $266 billion. The expansion in Owensboro will meet increased demand for U.S. Bank’s mortgage services.

“As we announced the 500 job expansion in 2010, we anticipated having capacity through 2014. What we did not expect was the rapid growth of our mortgage company in 2012, along with expanded requirements and regulations,” said U.S. Bank Home Mortgage Executive Vice President Robert Smiley. “In partnership with the state and city, we are pleased to once again bring additional jobs to Owensboro, expecting about 330 over the next 24-36 months.”

“The economic partnership the city of Owensboro has found in U.S. Bank has been a great success,” said Owensboro Mayor Ron Payne. “This third expansion will create approximately 332 more jobs within the city. Owensboro is proud to support this employer as they continue to thrive.”

To encourage the investment and job growth in Owensboro, the City of Owensboro Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $2,875,000 through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets. 

“I am thrilled with the expansion of U.S. National Bank in the area,” said Sen. Joe Bowen, of Owensboro. “Owensboro is making its mark with many industries, and I welcome the growth of our financial services.”

“Daviess County Fiscal Court is pleased to see the expansion of U.S. Bank at its Mid America Air Park location,” said Daviess County Judge-Executive Al Mattingly. “The 330 new jobs will provide employment for the Owensboro-Daviess County community, and the expansion is an encouraging sign of continued economic recovery.”