U.S. Bancorp is an American diversified financial services holding company headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank National Association, the fifth largest bank in the United States based on $403.8 billion in assets (as of December 31, 2014 per official FDIC data) and fourth largest in the US in total branches. U.S. Bank ranks as the fifth largest bank in the U.S. based on deposits, with $263.7B in deposits as of June 30, 2014. U.S. Bank's branch network serves 25 Midwestern and Western states with 3,174 banking offices and 5,005 ATMs. U.S. Bancorp offers regional consumer and business banking and wealth management services, national wholesale and trust services and global payments services to over 15.8 million customers. The company employs over 65,000 people.
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 as 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 1902, it merged with Ainsworth National Bank of Portland, but kept the U.S. National Bank name. The decision turned out to be fortuitous, 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.
The central part of the franchise dates from 1864, with the formation of First National Bank of Minneapolis. 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.
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.
These banks thrived as independent entities. 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.
In 1997, U.S. Bancorp merged into First Bank System. Although First Bank System was the surviving company and corporate headquarters stayed in Minneapolis, the merged bank took the U.S. Bancorp name. In the following years, U.S. Bancorp expanded into California by acquiring several small institutions.
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.
On December 13, 2001, two business lines of Firstar switched to the U.S. Bancorp name, the first name changes after the Firstar/U.S. Bancorp merger.
On August 10, 2004, U.S. Bancorp announced it had raised its prime lending rate to 4.50 percent from 4.25 percent at all U.S. Bank locations.
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.
On January 7, 2014, US Bancorp announced that it was acquiring 94 branches of Charter One Bank in Chicago from RBS Citizens Financial Group as of mid-2014. It will double its market share in Chicago.
On June 25, 2014, U.S. Bancorp announced that Eric Thole would take over the company's asset management division.
Lines of business
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 from U.S. Bank and investments, brokerage, financial planning and insurance products and services from U.S. Bancorp Investments, Inc., an affiliate of U.S. Bank.
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. (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.)
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.
In the 2013 Temkin Group ratings, U.S. Bank was ranked third best in customer service within the banking industry and #36 of 235 companies across 19 industries nationwide. The report reflected the bank's strong gains over a 12-month period, emerging from its 2012 rating of tenth place among banks and #126 overall. In a separate Temkin Group insight report, U.S. Bank placed fifth of 211 companies nationwide for providing praiseworthy Web user experience. It was an improvement from #33 in 2012.
Coverage
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
References
External links
- Official website
- Yahoo! - U.S. Bancorp Company Profile
- Map of Locations [1]
Interesting Informations
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