U.S. Bancorp

"US Bank" redirects here. For other uses, see Bank of the United States.

U.S. Bancorp

Company type	Public
Traded as	NYSE: USB S&P 500 Component
Industry	Banking, Financial services
Founded	St. Louis, Missouri (1850), Milwaukee, Wisconsin (1853), Cincinnati, Ohio (1863), Minneapolis, Minnesota (1864) and Portland, Oregon (1891)
Headquarters	Minneapolis, Minnesota, U.S.
Key people	Richard K. Davis (Chairman, President & CEO)
Products	Credit cards, consumer banking, corporate banking, investment banking, global wealth management, financial analysis, private equity
Revenue	US$ 21.40 billion (2011)
Operating income	US$ 6.629 billion (2011)
Net income	US$ 4.788 billion (2011)
Total assets	US$ 340.12 billion (2011)
Total equity	US$ 34.97 billion (2011)
Number of employees	62,529 (2011)
Website	usbank.com

U.S. Bancorp is an American diversified financial services holding company headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $353 billion in assets and fourth largest in total branches. U.S. Bank ranks as the fifth largest bank in the U.S. based on deposits, with $222.6B in deposits as of June 30, 2012. With 3,080 banking offices and 5,085 ATMs, U.S. Bank's branch network serves 25 states. U.S. Bancorp offers regional consumer and business banking and wealth management services, national wholesale and trust services and global payments services to more than 15.8 million customers. The company employs over 63,000 people.

U.S. Bank National Association (U.S. Bank) is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency, Department of the Treasury.

History

Today’s U.S. Bank was forged during the 1990s from the acquisitions of several major regional banks in the West and Midwest. Those banks, in turn, had grown from the mergers of numerous smaller banks throughout the years. Since 1988 alone, mergers with and acquisitions of more than 50 banks, large and small, have helped form today’s U.S. Bank. The U.S. Bank name first appeared in the form of United States National Bank of Portland, established in Portland, Oregon in 1891; it changed its name to the United States National Bank of Oregon in 1964. In 1997, that corporation merged with First Bank System, Inc., which had its headquarters in Minneapolis. First Bank System was formed in 1929 as the First Bank Stock Corporation by several banks in the Upper Midwest, most notably the First National Bank of Minneapolis and the First National Bank of St. Paul, both of which had been established in 1864. It became First Bank System in 1968. While First Bank was the nominal survivor and headquarters remained in Minneapolis, the merged bank took the U.S. Bancorp name. In St. Louis, State Savings Institution, with just $8,500 in capital and one teller, opened in St. Louis in 1850, later to become part of the Mercantile Trust Company, the forerunner of Mercantile Bancorporation.

In the eastern part of the franchise, when Farmers and Millers Bank in Milwaukee opened its doors in 1853, growing into the First National Bank of Milwaukee and eventually becoming First Wisconsin and ultimately Firstar. In Cincinnati, First National Bank of Cincinnati opened for business in 1863 under National Charter #24 with the boom of Civil War cannons firing just across the Ohio, but it survived through many more decades to grow into Star Bank.

From their largely unremarkable beginnings, these banks thrived as independent entities, each growing into a respected force (and usually the largest commercial bank) in their respective marketplaces. As opportunities arose, each participated in in-market mergers and acquisitions during the early decades of the 20th century and in more widespread expansions during the 1980s and 1990s — including the 1993 transaction that brought Colorado National Bank in Denver into the First Bank System, and West One Bancorp of Boise, Idaho, coming into the original U.S. Bancorp in 1995.

Of particular note, in 1902 the U.S. National Bank of Portland was merged into the Ainsworth National Bank of Portland, but kept the U.S. National Bank name. The decision turned out to be an auspicious one, as a 1913 federal law prohibited other banks from using “United States” in their names from that time forward. U.S. National was among the first banks to form a bank holding company — called U.S. Bancorp.

First Bank System used this logo from 1979. Besides the number one, it incorporates the silhouette of Pillsbury Center in Minneapolis, now U.S. Bank Plaza.

In 1999, Firstar merged with Star Bank, and acquired Mercantile five months later. The present-day company was formed when Firstar bought U.S. Bancorp, a deal which closed on February 27, 2001. While Firstar was the surviving company, it changed its name to U.S. Bancorp and moved its headquarters to Minneapolis.

US Bank in Hudson, Ohio

On November 14, 2008, U.S. Bancorp received $6,599,000,000 from the Emergency Economic Stabilization Act in the form of a preferred stock and related warrants. On November 21, 2008 U.S. Bank purchased Downey Savings & Loan Assn FA from Downey Financial Corp and Pomona First Fed Bk & Tr(PFF) from PFF Bancorp Inc,CA. At year-end 2008, U.S. Bancorp had total assets of $266 billion, and U.S. Bank was the 6th-largest commercial bank within the United States. On June 17, 2009, U.S. Bancorp redeemed the $6.6 billion of preferred stock and on July 15, 2009, it completed the purchase of a warrant held by the U.S. Treasury Department. This effectively concluded U.S. Bancorp’s participation in the Capital Purchase Program. It was among the first banks to repay the Troubled Asset Relief Program (TARP) funds.

During October 2009 US Bancorp announced four separate acquisitions:

• On October 5, 2009 US Bancorp announced its acquisition of the mutual fund administration and accounting servicing division of Fiduciary Management, Inc.
• On October 7, 2009 U.S. Bank, agreed to buy the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares Inc.
• On October 14, 2009 U.S. Bank agreed to acquire the Nevada banking operations of BB&T Corp.
• On October 20, 2009 US Bancorp completed a transaction to purchase FBOP Corporation’s nine subsidiary banks from the FDIC: BankUSA, National Association (AZ), California National Bank (CA), Citizens National Bank (TX), Community Bank of Lemont (IL), Madisonville State Bank (TX), North Houston Bank (TX), Pacific National Bank (CA), Park National Bank (IL), and San Diego National Bank (CA). (US Bancorp subsequently sold the three banks in Texas in 2010 to Houston-based Prosperity Bancshares.)

On January 28, 2011, US Bancorp acquired the assets and deposits of First Community Bank of New Mexico. That is the first entry into New Mexico, its 25th state.

On January 27, 2012, US Bancorp acquired the assets and deposits of failed Knoxville, Tennessee-based BankEast, which was closed by state regulators. The bank's ten branches were rebranded as US Bank branches the following Monday.

Lines of business

The US Bank tower in downtown Denver, Colorado

U.S. Bancorp operates four main lines of business that serve individuals, businesses of all sizes, municipalities and other financial institutions.

U.S. Bancorp and its subsidiaries, including U.S. Bank, provide a comprehensive selection of premium financial products and services to individuals, businesses, nonprofit organizations, institutions, and government entities. U.S. Bank products and services are distributed primarily through four major lines of business.

Consumer Banking delivers products and services to the broad consumer market and small businesses, and encompasses community banking, metropolitan banking, small business banking, consumer lending, mortgage banking, workplace banking, student banking, 24-hour banking, and investment products and insurance sales.

Wholesale Banking offers lending, depository, treasury management, and other financial services to middle-market, large corporate, and public-sector clients.

Statistics

U.S. Bancorp operates under the second-oldest continuous national charter, originally Charter #24, granted during Abraham Lincoln’s administration in 1863 following the passage of the National Banking Act. Earlier charters have expired as banks were closed or acquired, raising U.S. Bank from #24 to #2.

U.S. Bank helped to finance Charles Lindbergh’s historic flight across the Atlantic.

U.S. Bank is the fifth-largest check processor in the nation, handling 4 billion paper checks annually at 12 processing sites. The bank’s air and ground courier fleet moves 15 million checks each day.

Payment services

Through its payment services line of business, U.S. Bancorp delivers payment solutions and services for individuals and businesses across the globe.

Elavon is a wholly owned U.S. Bancorp subsidiary providing merchant processing services worldwide.

These divisions are also part of Payment Services:

• Corporate Payment Systems
• Elavon: Credit, debit, electronic check, and gift card merchant processing
• Retail Payment Solutions: debit, credit, small business, gift and specialty card issuance
• Healthcare Payment Solutions
• Financial Institution services

Wholesale banking

U.S. Bancorp’s wholesale banking business line serves large companies, nonprofit organizations and municipalities. It provides deposit services, payments, treasury management services, financing, leasing, investments, and international trade financing.
These functions are a part of wholesale banking at U.S. Bancorp:

• National Corporate Banking
• Middle Market Commercial Banking
• Commercial Real Estate
• Correspondent Banking
• Dealer Commercial Services
• Foreign Exchange
• Government Banking
• International Banking
• Treasury Management
• Business Equipment Finance & Leasing
• Small Business Administration (SBA) Division
• Specialized Industries and Finance
• Title Industry Banking
• Homeowners Association Banking

Wealth Management & Securities Services

U.S. Bancorp’s Wealth Management & Securities Services business line provides services for individuals, institutions, businesses and municipalities to help build, manage, preserve and protect wealth, as well as provide custody, delivery and obligation services.

Included in this business line are:

• The Private Client Reserve
• Ascent Private Capital Management
• U.S. Bancorp Investments, Inc.
• U.S. Bancorp Insurance Services, LLC
• Corporate Trust Services
• Institutional Trust & Custody
• U.S. Bancorp Asset Management, Inc. (formerly FAF Advisors, Inc.)
• U.S. Bancorp Fund Services, LLC

Consumer banking

U.S. Bancorp’s consumer banking division serves consumers and small businesses. This line of business includes:

• Community Banking
• Metropolitan Branch Banking
• In-store and Corporate On-Site Banking
• Small Business Banking
• Consumer Lending
• 24-Hour Banking & Financial Sales
• Home Mortgage
• Community Development
• Workplace and Student Banking
• Transaction Services: ATM and Debit Processing and Services

Rankings and awards

U.S. Bancorp is ranked 121 in the 2010 list of Fortune 500 companies.

U.S. Banker magazine, published by SourceMedia, has ranked U.S. Bancorp’s women leaders as the top banking team in its annual "Most Powerful Women in Banking" issue in 2006, 2007, 2008 and 2009.

U.S. Bancorp is ranked #1 by Institutional Investor magazine in its 2009 "America's Most Shareholder-Friendly Companies" for the Financial Institutions/Large-Cap category.

Kiplinger's 2009 "Best List" ranked U.S. Bank's FlexPerks card best for receiving travel benefits.

In July 2009, U.S. Bancorp was named the "Best Bank in the U.S." by Euromoney magazine as part of its 2009 Awards for Excellence.

U.S. Bank has been ranked first in the nation in the Privacy Trust Study for Retail Banking conducted by the Ponemon Institute in 2006, 2007, 2008 and 2009.

U.S. Bank has been ranked #1 in customer satisfaction by Consumers for Banking Reform in 2010, 2011 and 2012.

Coverage

U.S. Bancorp footprint

U.S. Bancorp payment and merchant processing services are global, and the wholesale and trust services are national. As of January 28, 2011, the consumer and business banking services are in 25 states including: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming. It also has operations in Canada and Europe.

See also

• John F. Grundhofer

Namesake buildings

• One California in San Francisco, CA, sports the US Bank logo and houses bank offices
• US Bank Tower in Los Angeles, CA, the tallest building west of the Mississippi River
• US Bancorp Tower in Portland, OR
• US Bank Center in Las Vegas, NV
• US Bank Centre in Seattle WA
• US Bank Building in Spokane, WA
• US Bank Plaza in Boise, ID
• US Bank Tower in Cincinnati, OH
• US Bank Center in Milwaukee, WI
• US Bank Centre - Cleveland in Cleveland, OH
• US Bank Arena in Cincinnati, OH
• One US Bank Plaza in St. Louis, MO
• US Bank Plaza in Minneapolis, MN
• US Bancorp Center in Minneapolis, MN
• US Bank Center in St. Paul, MN
• US Bank Building in Duluth, MN
• US Bank Tower in Sacramento, CA
• US Bank Tower in Nashville, TN
• US Bank Tower in Lincoln, NE
• US Bank Tower in Denver, CO
• US Bank Plaza in Sacramento, CA
• US Bank Center in Phoenix, AZ
• US Bank Building in Sioux Falls, SD

External links

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• Official website
• Yahoo! - U.S. Bancorp Company Profile