U.S. Bank had a ribbon cutting ceremony Thursday for the U.S. Bank Conference Theater in the Ohio Union celebrating the opening of its new branch.

The nearly 300-seat theater is named after the corporation because of a $500,000 donation to the Union. The theater has already hosted 66 events, including weekly movie nights and a rendition of “The Wedding Singer.”

U.S. Bank also donated $550,000 to student organizations.

“Engaging the community is one of our core values,” said Kyle Grusczynski, the Ohio Union U.S. Bank branch manager. “We live and work in these communities.”

The company was able to make the donation despite the economic climate because of conservative economic policies, Grusczynski said.

U.S. Bancorp received more than $6 billion in loans from the U.S. Treasury Department in November 2008. It has since repaid these loans.

The new Union branch of the bank, located in the northeast corner of the building, is the result of three years of planning and work.

The right to open a branch in the Union was granted to U.S. Bank after competition with other local financial providers, Grusczynski said.

U.S. Bank was chosen for its experience in the field of on-site collegiate banking, said Tracy Stuck, director of the Union.

U.S. Bank is the largest provider of collegiate banking in the country and the fifth largest bank in the U.S.