U.S. Bancorp
Encyclopedia
U.S. Bancorp is a diversified financial services
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...

 holding company
Holding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...

, headquartered in Minneapolis, Minnesota
Minnesota
Minnesota is a U.S. state located in the Midwestern United States. The twelfth largest state of the U.S., it is the twenty-first most populous, with 5.3 million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state...

. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

 based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on deposits, with $222.6B in deposits as of September 30, 2011. With 3,089 banking offices and 5,092 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
Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency is a US federal agency established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States...

, Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...

.

Rankings and awards

U.S. Bancorp is ranked 121 in the 2010 list of Fortune 500
Fortune 500
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 U.S. closely held and public corporations as ranked by their gross revenue after adjustments made by Fortune to exclude the impact of excise taxes companies collect. The list includes publicly and...

 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 if you want travel perks.

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.

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 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
Portland, Oregon
Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...

 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
Upper Midwest
The Upper Midwest is a region in the northern portion of the U.S. Census Bureau's Midwestern United States. It is largely a sub-region of the midwest. Although there are no uniformly agreed-upon boundaries, the region is most commonly used to refer to the states of Minnesota, Wisconsin, and...

, 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
Mercantile Bancorporation
Mercantile Bancorporation was the largest bank holding company in Missouri when it was acquired by Firstar Corporation in 1999.The Mercantile Bank of St. Louis was founded in St. Louis, Missouri in 1850....

.

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.
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 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
Capital Purchase Program
The Capital Purchase Program or CPP is a preferred stock and equity warrant purchase program conducted by the US Treasury's Office of Financial Stability as part of Troubled Assets Relief Program...

. It was among the first banks to repay the Troubled Asset Relief Program (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
First Citizens BancShares
First Citizens Bancshares, Incorporated is a bank holding company based in Raleigh, North Carolina. that operates two subisidiaries, First Citizens Bank and IronStone Bank...

 Inc. On October 14, 2009 U.S. Bank agreed to acquire the Nevada banking operations of BB&T
BB&T
BB&T Corporation is an American bank with assets of $157 billion , offering full-service commercial and retail banking services along with other financial services like insurance, investments, retail brokerage, mortgage, corporate finance, consumer finance, payment services, international...

 Corp. On October 20, 2009 US Bancorp completed a transaction to purchase FBOP Corporation
FBOP Corporation
FBOP Corporation was a bank holding company based in Oak Park, Illinois, USA. As of mid 2009, it had $18.5 billion in assets and was the 46th largest bank holding company in the United States. On October 30, 2009, FBOP's banking subsidiaries were closed by their chartering agencies and the...

’s nine subsidiary banks from the FDIC: BankUSA, National Association (AZ), California National Bank
Cal National Bank
California National Bank was a consumer and business bank in the Southern California area.-Overview:Cal National Bank originally began in 1996 when FBOP Corporation acquired Torrance 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). The banks in Texas have since been sold.

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.

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 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
Elavon
Elavon Inc., formerly NOVA, is a major processor of credit card transactions and a subsidiary of U.S. Bancorp. Elavon offers merchant processing in more than 30 countries and supports the payment needs of more than 1,000,000 merchant locations across the globe. Elavon is the 4th largest U.S...

 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 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
  • 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

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
Arizona
Arizona ; is a state located in the southwestern region of the United States. It is also part of the western United States and the mountain west. The capital and largest city is Phoenix...

, Arkansas
Arkansas
Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...

, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...

, Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...

, Idaho
Idaho
Idaho is a state in the Rocky Mountain area of the United States. The state's largest city and capital is Boise. Residents are called "Idahoans". Idaho was admitted to the Union on July 3, 1890, as the 43rd state....

, Illinois
Illinois
Illinois is the fifth-most populous state of the United States of America, and is often noted for being a microcosm of the entire country. With Chicago in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal,...

, Indiana
Indiana
Indiana is a US state, admitted to the United States as the 19th on December 11, 1816. It is located in the Midwestern United States and Great Lakes Region. With 6,483,802 residents, the state is ranked 15th in population and 16th in population density. Indiana is ranked 38th in land area and is...

, Iowa
Iowa
Iowa is a state located in the Midwestern United States, an area often referred to as the "American Heartland". It derives its name from the Ioway people, one of the many American Indian tribes that occupied the state at the time of European exploration. Iowa was a part of the French colony of New...

, Kansas
Kansas
Kansas is a US state located in the Midwestern United States. It is named after the Kansas River which flows through it, which in turn was named after the Kansa Native American tribe, which inhabited the area. The tribe's name is often said to mean "people of the wind" or "people of the south...

, Kentucky
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...

, Minnesota
Minnesota
Minnesota is a U.S. state located in the Midwestern United States. The twelfth largest state of the U.S., it is the twenty-first most populous, with 5.3 million residents. Minnesota was carved out of the eastern half of the Minnesota Territory and admitted to the Union as the thirty-second state...

, Missouri
Missouri
Missouri is a US state located in the Midwestern United States, bordered by Iowa, Illinois, Kentucky, Tennessee, Arkansas, Oklahoma, Kansas and Nebraska. With a 2010 population of 5,988,927, Missouri is the 18th most populous state in the nation and the fifth most populous in the Midwest. It...

, Montana
Montana
Montana is a state in the Western United States. The western third of Montana contains numerous mountain ranges. Smaller, "island ranges" are found in the central third of the state, for a total of 77 named ranges of the Rocky Mountains. This geographical fact is reflected in the state's name,...

, Nebraska
Nebraska
Nebraska is a state on the Great Plains of the Midwestern United States. The state's capital is Lincoln and its largest city is Omaha, on the Missouri River....

, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...

, New Mexico
New Mexico
New Mexico is a state located in the southwest and western regions of the United States. New Mexico is also usually considered one of the Mountain States. With a population density of 16 per square mile, New Mexico is the sixth-most sparsely inhabited U.S...

, North Dakota
North Dakota
North Dakota is a state located in the Midwestern region of the United States of America, along the Canadian border. The state is bordered by Canada to the north, Minnesota to the east, South Dakota to the south and Montana to the west. North Dakota is the 19th-largest state by area in the U.S....

, Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...

, Oregon
Oregon
Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...

, South Dakota
South Dakota
South Dakota is a state located in the Midwestern region of the United States. It is named after the Lakota and Dakota Sioux American Indian tribes. Once a part of Dakota Territory, South Dakota became a state on November 2, 1889. The state has an area of and an estimated population of just over...

, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...

, Utah
Utah
Utah is a state in the Western United States. It was the 45th state to join the Union, on January 4, 1896. Approximately 80% of Utah's 2,763,885 people live along the Wasatch Front, centering on Salt Lake City. This leaves vast expanses of the state nearly uninhabited, making the population the...

, Washington, Wisconsin
Wisconsin
Wisconsin is a U.S. state located in the north-central United States and is part of the Midwest. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake Michigan to the east, Michigan to the northeast, and Lake Superior to the north. Wisconsin's capital is...

, and Wyoming
Wyoming
Wyoming is a state in the mountain region of the Western United States. The western two thirds of the state is covered mostly with the mountain ranges and rangelands in the foothills of the Eastern Rocky Mountains, while the eastern third of the state is high elevation prairie known as the High...

. It also has operations in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

 and Europe.

Namesake buildings

  • One California
    One California
    One California is a skyscraper completed in 1969 in the Financial District of San Francisco, California. At , and 32-storeys, it is the 28th-tallest building in the city. The architect who designed the building was Welton Becket Associates. The building was constructed on the site of the previously...

     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
    Mississippi River
    The Mississippi River is the largest river system in North America. Flowing entirely in the United States, this river rises in western Minnesota and meanders slowly southwards for to the Mississippi River Delta at the Gulf of Mexico. With its many tributaries, the Mississippi's watershed drains...

  • US Bancorp Tower
    US Bancorp Tower (Portland, Oregon)
    US Bancorp Tower is the second tallest skyscraper in Portland, Oregon. It stands at with 42 floors. The building has nearly of office space inside, making it the largest office building in Oregon in terms of volume, and the second tallest building in Oregon, with only the Wells Fargo Center...

     in Portland, OR
    Portland, Oregon
    Portland is a city located in the Pacific Northwest, near the confluence of the Willamette and Columbia rivers in the U.S. state of Oregon. As of the 2010 Census, it had a population of 583,776, making it the 29th most populous city in the United States...

  • US Bank Center in Las Vegas, NV
  • US Bank Centre
    US Bank Centre
    US Bank Centre is a skyscraper in Seattle, Washington. It was constructed from 1987 to 1989 and has 44 floors. It is the eighth tallest building in Seattle and was designed by Callison Architecture. It opened as Pacific First Centre and has of office space....

     in Seattle WA
  • US Bank Building in Spokane, WA
    Spokane, Washington
    Spokane is a city located in the Northwestern United States in the state of Washington. It is the largest city of Spokane County of which it is also the county seat, and the metropolitan center of the Inland Northwest region...

  • US Bank Plaza
    US Bank Plaza (Boise)
    The US Bank Plaza is a high-rise building located in Boise, Idaho, and is the tallest building in the state, after the Boise Airport Control Tower. Completed in 1978 and renovated in 2004, it rises 267 feet spanning 20 floors....

     in Boise, ID
    Boise, Idaho
    Boise is the capital and most populous city of the U.S. state of Idaho, as well as the county seat of Ada County. Located on the Boise River, it anchors the Boise City-Nampa metropolitan area and is the largest city between Salt Lake City, Utah and Portland, Oregon.As of the 2010 Census Bureau,...

  • US Bank Tower in Cincinnati, OH
  • US Bank Center in Milwaukee, WI
  • US Bank Centre - Cleveland
    US Bank Centre - Cleveland
    The Cleveland US Bank Centre building is located at 1350 Euclid Avenue in Cleveland, Ohio. Located in the heart of playhouse square, the building was formally known as Renaissance Center. The building has total available space of , with total space of 262,352 square feet. It was built in 1990 by...

     in Cleveland, OH
  • US Bank Arena in Cincinnati, OH
  • One US Bank Plaza
    One US Bank Plaza
    One US Bank Plaza is a 36-story building in Downtown St. Louis, Missouri. The building is topped by an antenna that raises the total building to . In the 1990s the Ambassador Building next to it was razed and became part of the building's plaza.The building has a Structural Expressionism style...

     in St. Louis, MO
  • US Bank Plaza
    US Bank Plaza (Minneapolis)
    The US Bank Plaza is a two-tower high-rise building complex in Minneapolis, Minnesota. US Bank Plaza I is a 561-foot tall, 40-floor skyscraper. US Bank Plaza II is a 321-foot tall, 23-floor skyscraper. The complex was completed in 1981...

     in Minneapolis, MN
  • US Bancorp Center
    US Bancorp Center
    The US Bancorp Center is a 467-ft tall skyscraper in Minneapolis, Minnesota. It was completed in 2000 and has 32 floors. It is the 13th-tallest building in the city. A skyway connects this building to the Macy's Department Store Addition and 900 Nicollet Plaza. Several low-rise buildings were...

     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
    One Nashville Place
    One Nashville Place, also known as US Bank Tower, is a skyscraper in Nashville, Tennessee located on Fourth Avenue and Commerce Street. Completed in 1985, this 359-ft. octagonal building with dark glass exterior has 23 floors. It has been given the nickname R2D2 by the people of Nashville after the...

     in Nashville, TN
    Nashville, Tennessee
    Nashville is the capital of the U.S. state of Tennessee and the county seat of Davidson County. It is located on the Cumberland River in Davidson County, in the north-central part of the state. The city is a center for the health care, publishing, banking and transportation industries, and is home...

  • US Bank Tower in Lincoln, NE
  • U.S. Bank Tower in Denver, CO
  • US Bank Plaza
    US Bank Plaza (Sacramento)
    U.S. Bank Plaza is a skyscraper in Sacramento, California, completed in 1991. The 26 storey tower was the tallest in the city when completed.-External links:* at Turner Construction...

     in Sacramento, CA
  • U.S. Bank Center (Phoenix) in Phoenix, AZ
  • US Bank Building in Sioux Falls, SD

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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