U.S. Bancorp

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U.S. Bancorp
U.S. Bank
Public company
Traded as NYSEUSB
S&P 100 Component
S&P 500 Component
Industry Banking, Financial services
Founded September 9, 1968; 48 years ago (1968-09-09)
Headquarters Minneapolis, Minnesota
Number of locations
3,106 branches and 4,842 ATMs[1]
Key people
[2]
Products Credit cards
Retail banking
Commercial bank
Investment banking
Private banking
Financial analysis
Private equity
Revenue Increase US$21.494 billion (2016)[1]
Increase US$8.105 billion (2016)[1]
Increase US$5.944 billion (2016)[1]
Total assets Increase US$445.964 billion (2016)[1]
Total equity Increase US$47.933 billion (2016)[1]
Number of employees
71,191 (2016)[1]
Subsidiaries
Capital ratio 9.1%[1] Tier 1 (12/2016)
Rating Long Term Senior Debt
Moody's: A1 (10/2016)
S&P: A+ (10/2016)
Fitch: AA (10/2016)
DBRS: AA (10/2016)
Website www.usbank.com

U.S. Bancorp is a bank holding company based in Minneapolis, Minnesota. It is the parent company of U.S. Bank, National Association, known as U.S. Bank, which is ranked 5th on the list of largest banks in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 ATMs, primarily in the Midwestern United States.[1] The company also owns Elavon, a processor of credit card transactions.[1]

U.S. Bancorp operates under the second-oldest continuous national charter, originally Charter #24, granted in 1863 following the passage of the National Bank Act. Earlier charters have expired as banks were closed or acquired, raising U.S. Bank's charter number from #24 to #2. The oldest national charter, originally granted to the First National Bank of Philadelphia, is held by Wells Fargo, which it obtained upon its merger with Wachovia.[3]

History[edit]

One US Bank Plaza in downtown St. Louis, Missouri
The US Bank tower in downtown Denver, Colorado
US Bank tower in Salt Lake City, Utah
US Bank Center in Milwaukee, Wisconsin
US Bank Building in Sheboygan, Wisconsin
U.S. Bancorp footprint
Downtown Minneapolis; U.S. Bancorp Center is the second unobstructed tower from the left.
First Bank System used this logo from 1979. It incorporates the silhouette of the number one.
US Bank in Hudson, Ohio

The U.S. Bank name first appeared as United States National Bank of Portland, established in Portland, Oregon, in 1891.[4] It changed its name to the United States National Bank of Oregon in 1964.[4] In 1902, it merged with Ainsworth National Bank of Portland, but kept the U.S. National Bank name.[4] The decision turned out to be advantageous for the bank, 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, on September 9, 1968.[citation needed]

The central part of the franchise dates from 1864, with the formation of First National Bank of Minneapolis.[4] In 1929, that bank merged with First National Bank of St. Paul (also formed in 1864) and several smaller Upper Midwest banks to form the First Bank Stock Corporation, which changed its name to First Bank System in 1968.[4]

In the eastern part of the franchise, 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 Corporation.[4] In Cincinnati, First National Bank of Cincinnati opened for business in 1863 under National Charter #24—the charter that U.S. Bancorp still operates under today, and one of the oldest active national bank charters in the nation.[4] Despite having started up in the midst of the Civil War, First National Bank of Cincinnati went on to survive many decades to grow into Star Bank.[4]

In 1929, Mississippi Valley Trust Company, one of the predecessors to U.S. Bank, helped to finance Charles Lindbergh’s historic flight across the Atlantic Ocean with a $15,000 loan.[4]

In 1993, First Bank System acquired Colorado National Bank.[5]

In May 1995, U.S. Bancorp of Oregon announced the pending acquisition of the Boise, Idaho-based West One Bancorp for $1.8 billion.[6][7] At the time of announcement, West One had branch offices in Idaho, Oregon, Washington, and Utah. The acquisition was completed in December 1995.[8] Since both U.S. Bancorp and West One had overlapping territories in Oregon and Washington, the U.S. Justice Department would only allow the acquisition to proceed if U.S. Bancorp would sell off 27 branch offices in Washington and Oregon.[9] As a result of the regulatory ruling, U.S. Bancorp sold 25 branch offices in Oregon, four in central Washington and one in Idaho to First Hawaiian Bank for $38 million in cash.[10][11]

In 1997, First Bank System acquired U.S. Bancorp for $9 Billion.[12]

In September 1997, the new U.S. Bancorp, formerly First Bank System, announced the pending acquisition of the St. Cloud, Minnesota-based Zappco, Inc. with its three banks and six banking locations for an disclosed amount.[13] At the time of the announcement, U.S. Bancorp had more than 1,000 banking offices in the states of Minnesota, Oregon, Washington, Colorado, California, Idaho, Nebraska, North Dakota, Nevada, South Dakota, Montana, Iowa, Illinois, Utah, Wisconsin, Kansas, and Wyoming. The acquisition was completed in December 1997.[14]

In March 1998, U.S. Bancorp announced the pending acquisition of the Vancouver, Washington-based Northwest Bancshares with its 10-branch offices Northwest National Bank subsidiary for an undisclosed amount.[15][16] In October 1998, the U.S. Justice Department agreed to allow the acquisition to proceed on the condition that one of the branch offices of the Northwest National Bank was to be sold.[17] The acquisition was completed in December 1998 after U.S. Bancorp sold the request banking office to Centennial Bank of Eugene.[18]

In February 1999, U.S. Bancorp announced the pending acquisition of the San Diego-based Bank of Commerce with its 10 branch offices for $314 million in stock.[19][20][21] The acquisition was finalized in July 1999.[22]

In May 1999, U.S. Bancorp announced the pending acquisition of the Newport Beach, California-based Western Bancorp with its Santa Monica Bank and Southern California Bank subidiaries and a total of 31 branch offices for $904 million in stock.[23][24] At the time of the announcement, U.S. Bancorp had 98 branch offices within California. The acquisition was finalized in November 1999 for $1.04 billion in stock.[25][26]

In 1999, Firstar Corporation of Milwaukee acquired Star Bank of Cincinnati.[27][28]

The same year, the company acquired Mercantile Bancorporation in a $10.6 billion transaction.[29][30] Mercantile had acquired Mark Twain Bancshares for $792 million in 1996.[31]

In June 2000, U.S. Bancorp announced the pending acquisition of the San Diego-based Scripps Financial Corporation with its nine-branch office Scripps Bank subsidiary for $155 million in stock.[32] The acquisition was completed in October 2000.[33]

In 2001, Firstar bought U.S. Bancorp in a $21 billion transaction, keeping the U.S. Bancorp name and headquarters in Minneapolis.[34]

In April 2001, U.S. Bancorp announced the pending acquisition of all 20 branch offices in California of the Encino-based Pacific Century Bank from its Honolulu-based parent Pacific Century Financial Corporation.[35][36] The acquisition was completed in September 2001.[37][38]

In July 2002, U.S. Bancorp announced the pending acquisition of all 57 retail banking branches of the San Mateo, California-based Bay View Bank from its Bay View Capital Corporation parent for $429 million.[39][40] The acquisition was completed in November 2002.[41]

In May 2004, U.S. Bancorp announced that it was acquiring the $34 billion corporate trust bond administration business from National City Corporation.[42][43]

In November 2006, U.S. Bancorp announced that it was acquiring the $410 billion corporate trust and institutional custody businesses of Wachovia Corporation for $720 million in cash.[44]

In July 2006, U.S. Bancorp announced that it was acquiring the $123 billion municipal and corporate bond trustee business from SunTrust.[45]

In June 2006, U.S. Bancorp announced the pending acquisition of the Avon, Colorado-based Vail Banks Inc. with its WestStar Bank subsidiary and 23 locations for $98.6 million in cash.[46] The acquisition was completed in September 2006.[47]

In November 2006, U.S. Bancorp announced that it was acquiring the $30 billion municipal bond trustee business from LaSalle Bank.[48][49]

In November 2006, U.S. Bancorp announced the pending acquisition of the Great Falls, Montana-based United Financial Corporation with its Heritage Bank subsidiary for $71 million in stock.[50] The acquisition was completed in February 2007 and nearly double the branch presence of U.S. Bank in Montana.[51]

In March 2008, the U.S. Bancorp announced the pending acquisition of the seven-office Los Angeles-based Mellon 1st Business Bank from the Bank of New York Mellon for an disclosed amount in cash.[52] The acquisition was completed in June 2008.[53]

On November 14, 2008, the U.S. Treasury invested $6,599,000,000 in preferred stock and warrants in the company via the Emergency Economic Stabilization Act of 2008.[54]

On November 21, 2008, the company acquired the failed Downey Savings & Loan Association and also the failed Pomona First Federal Bancorp in a transaction facilitated by the Federal Deposit Insurance Corporation for an disclosed amount.[55] Downey Savings had 170 branch offices in California and five branch offices in Arizona while PFF Bank had 38 branch offices in Southern California.

In April 2009, U.S. Bancorp acquired the assets and deposits of the failed Ketchum, Idaho-based First Bank of Idaho in a transaction facilitated by the FDIC.[56][57] First Bank of Idaho had seven offices in Idaho and Wyoming, some of which operated under the name First Bank of the Tetons.

On June 17, 2009, the company 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 the first bank to repay the Troubled Asset Relief Program (TARP) funds.[58]

On October 5, 2009, the company announced its acquisition of the $8 billion mutual fund administration and accounting servicing division of Fiduciary Management, Inc. for an undisclosed amount.[59][60]

On October 7, 2009, the company agreed to buy the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares Inc. for an undisclosed amount.[61][62]

On October 20, 2009, the company completed a transaction to purchase the failed FBOP Corporation's nine subsidiary banks from the FDIC for an disclosed amount. The banks included BankUSA, National Association with 2 offices in Arizona, Cal National Bank with 68 offices in California, Citizens National Bank with 1 office in Texas, Community Bank of Lemont with 1 office in Illinois, Madisonville State Bank with 1 office in Texas, North Houston Bank with 1 office in Texas, Pacific National Bank with 17 offices in California, Park National Bank with 31 offices in Illinois, and San Diego National Bank with 28 offices in California.[63]

Since the company did not have a previous presence in Texas nor want one in the near future, the company subsequently sold the three banks in Texas in 2010 to Houston-based Prosperity Bancshares for an disclosed amount.[64] Each of the banks had one office each.[63]

In October 2009, BB&T Corporation announced the pending sale of their Nevada banking operations to U.S. Bancorp for an disclosed amount. BB&T had just recently acquired the 21 offices in Nevada through a transaction facilitated by the FDIC for disposal of the assets and deposits of the failed Alabama-based Colonial BancGroup but BB&T had no desire to expand west of Texas while it wanted to keep the other Colonial former locations in the Southeastern United States.[65] The acquisition was completed in January 2010.[66]

In January 2011, U.S. Bancorp acquired the assets and deposits of the failed First Community Bank of New Mexico in a transaction facilitated by the FDIC for an asset discount of approximately $380 million.[67] The acquisition had included 35 offices in New Mexico and 3 offices in Arizona.

In January 2012, the company acquired the assets and deposits of the failed Knoxville, Tennessee-based BankEast in a transaction facilitated by the FDIC for an asset discount of approximately $67.5 million.[68] The acquisition had included 10 offices in the Knoxville area.

In March 2013, U.S. Bancorp announced that it was acquiring the $57 billion municipal bond trustee business from Deutsche Bank.[69]

In January 2014, U.S. Bancorp announced the pending acquisition of 94 branch offices of the Charter One Bank in Chicago from the RBS Citizens Financial Group for $315 million,[70] doubling its market share in Chicago.[71] 13 Charter One branches were closed due to their close proximity to existing U.S. Bank offices.[72] The acquisition was completed in June 2014.[71]

In January 2015, chief financial officer Andrew Cecere was promoted to chief operating officer.[73] A year later, Cecere was given the additional position of president.[74]

In January 2017, U.S. Bancorp announced that chairman and CEO Richard Davis was going to handover his CEO position to president and COO Andrew Cecere in April 2017 while still remaining chairman of the corporation.[75]

Namesake buildings[edit]

See also[edit]

References[edit]

  1. ^ a b c d e f g h i j U.S. Bancorp 2016 Form 10-K Annual Report
  2. ^ U.S. Bancorp 2016 Form 10-K Annual Report
  3. ^ "Wells Fargo: Guided By History". Wells Fargo. 
  4. ^ a b c d e f g h i "U.S. Bank: A Rich Heritage". 
  5. ^ Wilson, Thomas C. (April 13, 2015). The Value Management Handbook: A Resource for Bank and Insurance Company Finance and Risk Functions. John Wiley & Sons. 
  6. ^ Torbenson, Eric (May 9, 1995). "Idaho Loses Last Major State Bank Boise's West One Agrees To U.S. Bancorp Merger". The Spokesman-Review. 
  7. ^ Manning, Jeff (May 9, 1995). "Banking on Bigness: U.S. Buying West One". The Oregonian. p. A01. (Subscription required (help)). U.S. Bancorp announced Monday morning its intention to buy Boise-based West One Bancorp in a deal valued at $1.6 billion. The acquisition would boost U.S. Bancorp's total assets from $21.4 billion to more than $30 billion, solidifying its position as the largest Northwest-owned bank... The merger cements U.S. Bancorp's position as the largest bank in Oregon. It also will become the largest institution in Idaho and move from fifth-largest to third-largest in Washington. West One also gives U.S. Bancorp its first entry into Utah. The acquisition probably will raise antitrust concerns among Justice Department lawyers. U.S. Bancorp acknowledged that it probably will have to divest assets in certain markets, especially the Portland metropolitan area, to gain government approval. 
  8. ^ "U.S. Bancorp Completes Purchase Of West One". New York Times. Bloomberg L.P. December 28, 1995. 
  9. ^ "Justice Allows U.S. Bank Deal". The Spokesman-Review. December 12, 1995. 
  10. ^ "First Hawaiian To Buy U.S. Bank Branches". Seattle Times. December 5, 1995. 
  11. ^ "Hawaii Bank Buys U.S. Bank Branches". The Spokesman-Review. December 5, 1995. 
  12. ^ Hansell, Saul (March 21, 1997). "First Bank System to Buy U.S. Bancorp of Oregon". New York Times. 
  13. ^ "U.S. Bancorp to Acquire Zappco, Inc.: Acquisition Creates Largest Banking Presence in St. Cloud Area". PR Newswire (Press release). September 15, 1997. 
  14. ^ DePass, Dee (December 16, 1997). "U.S. Bancorp finishes its acquisition of Zappco of St. Cloud". Minneapolis Star-Tribune. p. 03D. (Subscription required (help)). U.S. Bancorp said Friday that it has completed its acquisition of St. Cloud-based Zappco, a bank holding company with three banks, six branches and $360 million in assets. Terms were not disclosed. 
  15. ^ "U.S. Bancorp To Buy Clark County Bank". The Spokesman-Review. March 14, 1998. 
  16. ^ "U.S. Bancorp acquires Washington holding company". Minneapolis/St. Paul Business Journal. March 13, 1998. 
  17. ^ "Northwest Bank Buyout Deal Gets A Federal Go-Ahead". Seattle Post-Intelligencer. October 10, 1998. p. B3. (Subscription required (help)). The Justice Department approved U.S. Bancorp's acquisition of Vancouver, Wash.-based Northwest Bancshares Inc. yesterday after U.S. Bancorp agreed to sell a branch in Clark County. 
  18. ^ Anderson, Julia (December 16, 1998). "Bank Sale Officially Complete". The Columbian. p. C1. (Subscription required (help)). It's official. Minneapolis-based U.S. Bancorp now owns Northwest National Bank of Vancouver. The sale has been pending since March when Northwest Bank shareholders approved the sale. The deal's closing was announced Tuesday, a few days after U.S. Bank agreed to sell Northwest's Hazel Dell branch to Centennial Bank of Eugene. That sale was required by the U.S. Justice Department to comply with anti-trust regulations. With that out of the way, the larger sale could go forward. 
  19. ^ DePass, Dee (February 19, 1999). "U.S. Bancorp to buy San Diego bank firm - Stock purchase is valued at nearly $314 million". Minneapolis Star-Tribune. p. 01D. (Subscription required (help)). It wasn't the mega merger some bank analysts expected, but U.S. Bancorp pulled its own coup Thursday in announcing that it will buy San Diego-based Bank of Commerce in a stock deal valued near $314 million. Pending regulatory and shareholder approval, the purchase should close by June. Bank of Commerce, with 10 branches, boasts $638 million in assets and is the largest Small Business Administration (SBA) lender in California and one of the largest in the nation. 
  20. ^ "U.S. Bancorp Plans to Buy San Diego Bank". Los Angeles Times. February 19, 1999. 
  21. ^ "U.S. Bancorp Adding Bank Of Commerce In Stock Deal". New York Times. February 20, 1999. 
  22. ^ "U.S. Bancorp acquires Bank of Commerce". Minneapolis/St. Paul Business Journal. July 19, 1999. 
  23. ^ Cahill, Joseph B. (May 20, 1999). "U.S. Bancorp Agrees, for $904 Million In Stock, to Acquire Western Bancorp". Wall Street Journal. p. A8. ISSN 0099-9660. (Subscription required (help)).  Alternate Link via ProQuest.
  24. ^ "U.S. Bancorp to Buy Southern California Banks". New York Times. May 20, 1999. 
  25. ^ "U.S. Bancorp Completes Western Bancorp Buy". Los Angeles Times. November 17, 1999. 
  26. ^ "U.S. Bancorp Completes Acquisition of Western Bancorp". PR Newswire (Press release). November 16, 1999. 
  27. ^ "Midwest banks set merger". CNN. July 1, 1998. 
  28. ^ Wahl, Melissa (July 2, 1998). "Star Banc, Firstar To Merge, Create Midwest Bank Powerhouse: $7.3 Billion Deal Could Prompt Further Unions". Chicago Tribune. 
  29. ^ "Midwest banks in $10.6B deal". CNN. April 30, 1999. 
  30. ^ O'Brien, Timothy L. (May 1, 1999). "Mercantile Bancorporation, Long a Buyer, Will Be Bought". New York Times. ISSN 0362-4331. 
  31. ^ McCarthy, Michael J. (October 28, 1996). "Mercantile Bancorp. to Acquire Mark Twain for $792 Million". Wall Street Journal. (Subscription required (help)). 
  32. ^ "U.S. Bancorp to Acquire Scripps Financial Corporation of San Diego". PR Newswire (Press release). June 27, 2000. 
  33. ^ "U.S. Bancorp Completes Acquisition of Scripps Financial Corporation; Addition of Scripps Branches Complements U.S. Bank's California Presence". PR Newswire (Press release). October 13, 2000. 
  34. ^ Atlas, Riva D. (October 5, 2000). "U.S. Bancorp to Be Acquired By Firstar for $21 Billion". New York Times. 
  35. ^ "Hawaii-Based Bank to Sell Calif. Branches". Los Angeles Times. April 24, 2001. 
  36. ^ "U.S. Bancorp to Acquire 20 Pacific Century Bank Branches in California". PR Newswire (Press release). June 5, 2001. 
  37. ^ "U.S. Bank Completes Acquisition of 20 Pacific Century Bank Branches In California". PR Newswire (Press release). September 10, 2001. 
  38. ^ "U.S. Bank completes buy of Pacific Century Bank branches". Pacific Business News. September 10, 2001. 
  39. ^ Calvey, Mark (July 22, 2002). "Bay View liquidates, sells assets to U.S. Bank, Wamu". San Francisco Business Times. 
  40. ^ "U.S. Bank Agrees to Purchase Bay View Bank Retail Branches". PR Newswire (Press release). July 22, 2002. 
  41. ^ "Bay View Capital Closes Sale of Branches to U.S. Bank". PR Newswire (Press release). November 1, 2002. 
  42. ^ "U.S. Bank to Acquire National City's Corporate Trust Bond Administration Business". Business Wire (Press release). May 25, 2004. 
  43. ^ "U.S. Bank buys National City trust division". Columbus Business First. May 25, 2004. 
  44. ^ Vomhof, John, Jr. (November 29, 2005). "U.S. Bank to acquire Wachovia units for $720M". Minneapolis/St. Paul Business Journal. 
  45. ^ "U.S. Bank to Acquire the Municipal and Corporate Bond Trustee Business from SunTrust". Business Wire (Press release). July 25, 2006. 
  46. ^ Wilbert, Lauren (June 1, 2006). "U.S. Bancorp set to buy Vail Banks". Minneapolis/St. Paul Business Journal. 
  47. ^ "U.S. Bancorp Completes Purchase of Vail Banks, Inc.". Business Wire (Press release). September 1, 2006. 
  48. ^ "U.S. Bank to Acquire the Municipal Trustee Business from LaSalle Bank". Business Wire (Press release). November 10, 2006. 
  49. ^ LeBeau, Steve (November 10, 2006). "U.S. Bancorp to buy LaSalles's trustee business". Minneapolis/St. Paul Business Journal. 
  50. ^ "U.S. Bancorp to buy United Financial". St. Louis Business Journal. November 7, 2006. 
  51. ^ "U.S. Bancorp Completes Acquisition of United Financial Corp.". Business Wire (Press release). February 6, 2007. 
  52. ^ "U.S. Bank Acquires Mellon 1st Business Bank in Los Angeles/Orange County: U.S. Bancorp Vice Chairman Joseph Otting to Relocate to California". Business Wire (Press release). March 28, 2008. 
  53. ^ "U.S. Bancorp Closes Deal for Mellon Unit". New York Times. June 3, 2008. 
  54. ^ UNITED STATES DEPARTMENT OF THE TREASURY INITIAL SECTION 105(a) TROUBLED ASSET RELIEF PROGRAM REPORT TO CONGRESS FOR THE PERIOD OF OCTOBER 6, 2008 TO NOVEMBER 30, 2008 (PDF) (Report). Office of Financial Stability. 
  55. ^ "U.S. Bank Acquires Downey Savings & Loan and PFF Bank & Trust Through an FDIC Facilitated Transaction" (Press release). Business Wire. November 21, 2008. 
  56. ^ "U.S. Bank Acquires Deposits of First Bank of Idaho Through an FDIC-Facilitated Transaction". Business Wire (Press release). April 24, 2009. 
  57. ^ "US Bancorp takes over First Bank of the Tetons". The Oregonian. April 26, 2009. 
  58. ^ Serres, Chris (June 17, 2009). "U.S. Bancorp repays TARP bailout funds to Treasury". Star Tribune. 
  59. ^ "U.S. Bancorp (USB) Fund Services Acquires Mutual Fund Administration and Accounting Service Division of Fiduciary Management". Street Insider. October 5, 2009. 
  60. ^ Daykin, Tom (October 5, 2009). "U.S. Bancorp buys Fiduciary Management unit". Milwaukee Journal Sentinel. 
  61. ^ Temple-West, Patrick (October 14, 2009). "U.S. Bank Bulks Up By Buying First Citizens' Bond Trustee Unit". Bond Buyer. (Subscription required (help)). 
  62. ^ "U.S. Bank to Acquire the Bond Trustee Business from First Citizens Bank". Business Wire (Press release). October 7, 2009. 
  63. ^ a b "U.S. Bank Acquires FBOP Corporation's Banking Subsidiaries Through an FDIC Facilitated Transaction" (Press release). Business Wire. October 30, 2009. 
  64. ^ "Prosperity Bank(R) Completes Acquisition of Texas Branches of U.S. Bank" (Press release). PRNewswire. March 29, 2010. 
  65. ^ Craver, Richard (October 15, 2009). "Texas is far enough west for BB&T Inc.: It's selling Nevada branches it bought two months ago". Winston-Salem Journal. 
  66. ^ "U.S. Bank Completes Purchase of Nevada Banking Operations from BB&T Corporation" (Press release). Business Wire. January 19, 2010. 
  67. ^ "U.S. Bank Acquires First Community Bank Through an FDIC Facilitated Transaction" (Press release). Business Wire. January 28, 2011. 
  68. ^ "U.S. Bank Acquires Banking Operations of BankEast Corporation of Tennessee Through an FDIC-Facilitated Transaction" (Press release). Business Wire. January 27, 2012. 
  69. ^ Bjorhus, Jennifer (March 19, 2013). "U.S. Bank to buy Deutsche Bank's U.S. municipal bond trustee business: The deal with Deutsche Bank will add about $57 billion to the $3 trillion in corporate trust assets U.S. Bank administers.". Minneapolis Star-Tribune. 
  70. ^ Henderson, Tom (January 7, 2014). "U.S. Bancorp buys Charter One branches in Chicago area". Crains Detroit Business. 
  71. ^ a b Yerak, Becky (June 23, 2014). "Former Charter One branches open as U.S. Bank". Chicago Tribune. 
  72. ^ Daniel, Steve (April 29, 2014). "U.S. Bank closing 13 branches in Charter One buyout". Crain's Chicago Business. 
  73. ^ Hammerand, Jim (January 20, 2015). "U.S. Bank promotes CFO Andy Cecere to COO; Is CEO job next?". Minneapolis/St. Paul Business Journal. 
  74. ^ "U.S. Bancorp Promotes Andrew Cecere to President". Business Wire (Press release). January 19, 2016. 
  75. ^ "U.S. Bank CEO Richard Davis stepping down; St. Paul-reared COO taking over". St. Paul Pioneer Press. January 17, 2017. 

External links[edit]