Megan Brooks
In 2025, Kroger-owned Smith's Food & Drug Stores announced plans to install 49 full-service in-store U.S. Bank branches in its stores in Nevada and Utah. This expansion aimed to make U.S. Bank the largest full-service in-store branch-banking network in the country, with over 600 branches across 19 states. However, it is unclear if this partnership is still active as of 2023, and further research is needed to determine the current status of the collaboration between Smiths and US Bank. Separately, in 2021, U.S. Bancorp, the parent company of U.S. Bank, acquired TravelBank, a corporate travel agency backed by actor Will Smith, for a reported $200 million. This acquisition was intended to enhance U.S. Bank's digital payments integration within the commercial segment.
| Characteristics | Values |
|---|---|
| Nature of partnership | US Bank opened 49 full-service in-store branches in Smith's Food & Drug Stores in Nevada and Utah |
| Date of partnership | 2009 |
| Outcome | US Bank became the largest full-service in-store branch-banking network in the country, with more than 600 in-store branches in 19 states |
| Services offered | Opening checking accounts, CDs, IRAs and other investment opportunities, loans for cars, mortgages, boats, home improvement, or debt consolidation. Each location will also have a full-service ATM |
| Other | US Bank bought TravelBank, a corporate travel agency backed by actor Will Smith, for $200 million |
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What You'll Learn
US Bank acquires TravelBank for $200 million
US Bancorp, the parent company of US Bank, has acquired TravelBank, a fintech corporate travel and expense management platform, for $200 million. The acquisition will allow US Bank to enhance its credit card offerings to customers by integrating travel and expense products. TravelBank's platform automates manual, paper-based reporting and travel systems, tailoring them to each company's unique needs.
US Bank has been working with TravelBank since September 2020, integrating the travel agency into its Instant Card to create an all-in-one solution for corporate expense management. The partnership also allowed TravelBank to offer its joint customers the ability to provision corporate cards, set spend limits, extend purchasing power, and reconcile transactions directly within its platform.
TravelBank's CEO Duke Chung will move over to US Bank, and TravelBank will continue to serve its existing clients, including other banks. Shailesh Kotwal, vice chair of payment services at US Bank, stated that the acquisition will help the bank focus on giving businesses more confidence, control, and convenience in managing payments and expenses.
US Bank's purchase of TravelBank is part of a broader trend of banks acquiring travel and expense platforms as the rate of payments digitization accelerates. The bank aims to deepen its existing business relationships and acquire new customers through this acquisition.
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TravelBank was backed by actor Will Smith
In 2021, U.S. Bancorp, the parent company of U.S. Bank, acquired TravelBank, a corporate travel and expense management platform backed by actor Will Smith. The deal, worth around $200 million, was signed on November 14, 2021, and marked the end of TravelBank's partnership with U.S. Bank, which had begun in September 2020.
TravelBank, founded by Duke Chung, is an all-in-one business travel and expense management platform that syncs easily into common accounting systems and can be tailored to meet the unique needs of each organization. The platform offers a user-friendly design and travel rewards program, helping businesses reduce travel spend and improve employee satisfaction.
Prior to its acquisition by U.S. Bancorp, TravelBank had received strategic investments from Dreamers VC, a venture capital fund co-founded by Will Smith, Japanese soccer player Keisuke Honda, and Tashi Nakanishi. Dreamers VC invested an undisclosed amount in TravelBank in September 2019, with the goal of helping the company expand and gain customers in the entertainment industry.
Will Smith's involvement with TravelBank extended beyond just being an investor. His media venture, Westbrook Inc., was also a customer of TravelBank, along with Dreamers VC. This demonstrated Smith's belief in the company's vision and the value it could bring to businesses.
The acquisition of TravelBank by U.S. Bancorp was a strategic move to enhance its digital payments integration within the commercial segment. By integrating TravelBank into its Instant Card, U.S. Bank created an all-in-one solution for corporate expense management, including travel expenses. This move positioned the bank well to capitalize on the recovery of corporate travel in the coming years.
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TravelBank integrated into US Bank's Instant Card
U.S. Bank and TravelBank have partnered to integrate the TravelBank travel and expense management platform with the new U.S. Bank Instant Card™. This partnership offers a modern and seamless all-in-one solution for corporate expense management. The Instant Card and TravelBank expense integration allow program administrators to issue Instant Cards directly from their expense management platform. This means that employees can instantly get a virtual corporate card pushed to their mobile wallet with a pre-approved budget and other set expense policy limits.
With this integration, companies gain access to real-time reporting, expense capture, policy management and approvals, reimbursements, general ledger sync, and analytics. This new and seamless technology offers companies an easy solution to manage expenses. For example, contractors needing to procure gas and supplies for a project, recruiters flying in a candidate for an on-site interview, or consultants charging various project-related expenditures.
Instant Card allows organizations to set spending limits, block merchant category codes (MCCs), and customize expiration dates specific to a business purpose. This gives them more control over spending and helps reduce fraud. The Instant Card can be used for physical payments by integrating securely with Apple Pay or Google Pay through proprietary authentication technology, which further reduces fraud and eliminates additional bank approvals.
The partnership between U.S. Bank and TravelBank is an innovative move that helps businesses streamline their expense management and business travel processes. By combining Instant Card's capabilities with TravelBank's platform, companies can now easily manage virtual corporate cards, track and control spending in real-time, and provide employees with safe and convenient contactless payment options.
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US Bank expands into 49 Smith's Food & Drug Stores
US Bank has expanded into 49 Smiths Food & Drug Stores, making it the largest in-store branch banking network in the United States. The Kroger-owned Smith's Food & Drug Stores will now host 49 full-service in-store US Bank operations in its stores in Nevada and Utah. This expansion will make US Bank the largest full-service in-store branch-banking network in the country, with over 600 in-store branches in 19 states.
US Bank will add 28 new Smith's locations in Nevada and 21 in Utah. In Nevada, US Bank will replace 28 Nevada State Bank offices in Smith's stores, with 18 of those in the Las Vegas area, four in Henderson, and one each in Carson City, Gardnerville, Reno, and Sparks. US Bank will also move into the new Nevada markets of Dayton and Pahrump. In Utah, US Bank will replace Zions Bank inside 21 Smith's stores, most of which are in the Salt Lake City market, except for one location in St. George.
The new Smith's bank locations will be open seven days a week in Nevada and six days a week in Utah. They will offer a full range of services, including checking accounts, savings, CDs, IRAs, and other investment opportunities. Customers will also be able to obtain loans for cars, mortgages, boats, home improvement, or debt consolidation. Each location will also have a full-service ATM.
"We share the philosophy with US Bank that the convenience of in-store banking contributes to a great shopping experience for our customers," said Kenny Kimball, Smith's Group Vice President of Operations. "We look forward to a seamless transition of banking operations within our stores."
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US Bank becomes the largest full-service in-store branch-banking network in the US
US Bancorp, the parent company of US Bank, announced in September 2008 that it had entered into a definitive agreement with Zions Bank to assume the leases of 49 full-service in-store banking locations in Smith's Food & Drug Stores, a division of The Kroger Co. This expansion would make US Bank the largest full-service in-store branch-banking network in the United States, with more than 600 in-store branches in 19 states.
US Bank's in-store banking strategy has been successful due to its unique staffing model. Each location is staffed with universally trained bankers who can assist customers with all their banking needs. This strategy provides customers with convenient access to a full range of services and contributes to a positive shopping experience. The additional locations also allow US Bank to expand its presence in key markets, such as Las Vegas and Salt Lake City, enhancing its market position.
The partnership between US Bank and Smith's Food & Drug Stores aligns with their shared goal of providing customers with the highest levels of service and convenience. Smith's Group Vice President of Operations, Kenny Kimball, emphasised the value of in-store banking, stating that it contributes to a great shopping experience for their customers. The expansion into Smith's stores allows US Bank to reach busy individuals who appreciate the efficiency of one-stop shopping.
Furthermore, the acquisition of Smith's in-store banking locations is part of US Bank's broader growth strategy. With a strong presence in the Midwest and West, US Bank has recently expanded to the East Coast and established a significant international presence. The bank has a diversified mix of business lines and offers a wide range of financial products and services to various customer segments. US Bank's digital transformation has also played a crucial role, with over 80% of consumer transactions and 65% of loan sales now completed digitally.
In conclusion, US Bank's expansion into 49 Smith's Food & Drug Stores solidified its position as the largest full-service in-store branch-banking network in the United States. This move aligns with the bank's strategic focus on growth, convenience, and customer service, while also leveraging digital innovations to enhance its market presence and better serve its customers.
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Frequently asked questions
No, Smiths Food & Drug Stores expanded their partnership with US Bank by installing 49 full-service in-store US Bank branches in their stores in Nevada and Utah.
The new Smith's bank locations will be open seven days a week in Nevada and six days a week in Utah. They will offer services such as opening checking accounts, CDs, IRAs, and other investment opportunities. They will also provide loans for cars, mortgages, boats, home improvement, and debt consolidation. Each location will also have a full-service ATM.
With the expansion, US Bank will become the largest full-service in-store branch banking network in the country, with more than 600 in-store branches across 19 states.
Yes, US Bancorp, the parent company of US Bank, acquired TravelBank, a corporate travel agency backed by actor Will Smith, in November 2021. The deal was worth around $200 million.
TravelBank and US Bank had been working together since September 2020, integrating the travel agency into US Bank's Instant Card to create an all-in-one solution for corporate expense management.
