"US Bank" redirects here. For other uses, see Bank of the United States
U.S. Bancorp is a 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 assets, with $281 billion in assets as of Dec. 31, 2009. U.S. Bank ranks as the sixth largest bank in the U.S. based on deposits, with $183B in deposits as of December 31, 2009. With 3,015 offices and 5,148 ATMs, U.S. Bank 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 60,000 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.
Rankings and Awards
U.S. Bancorp is ranked 129 in the 2009 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.
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 ranked first in the nation in the Privacy Trust Study for Retail Banking conducted by the Ponemon Institute in 2006, 2007 and 2008.
History
The present day U.S. Bancorp was created by the merger of Firstar Corporation in Milwaukee, Wisconsin, and Star Bank in Cincinnati, Ohio in 1999. Five months later, Firstar acquired the Mercantile Bancorporation of St. Louis, Missouri. The last major acquisition was Firstar's buyout of U.S. Bancorp, headquartered in Minneapolis, Minnesota completed on February 27, 2001. Firstar retained U.S. Bancorp's name and headquarters.
The original U.S. Bancorp succeeded the 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. That corporation was acquired in 1997 by First Bank System, Inc. , which had its headquarters in Minneapolis, Minnesota. With that acquisition, First Bank System changed its name to U.S. Bancorp. First Bank System was the successor of a bank holding company formed in 1929 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.
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 TARP Funds.
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).
Lines of Business
U.S. Bancorp operates four main lines of business that serve individuals, businesses of all sizes, municipalities and other financial institutions.
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
- Small Business Equipment Finance
- 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 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
- U.S. Bancorp Investments, Inc.
- U.S. Bancorp Insurance Services, LLC
- Corporate Trust Services
- Institutional Trust & Custody
- 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
Coverage
U.S. Bancorp payment and merchant processing services are global, and the wholesale and trust services are national. 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, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming. It also has operations in Canada and Europe.
See also
- Jerry A. Grundhofer
- John F. Grundhofer
Namesakes
- US Bank Tower in Los Angeles, CA
- US Bancorp Tower in Portland, OR
- 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 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
References
- ^ http://www.earthtimes.org/articles/show/us-bank-celebrates-black-history,1141514.shtml |last= |first= |authorlink= |coauthors= |title=Standard and Poor's 50
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