US Bancorp history, profile and corporate video

 U.S. Bancorp operates as a bank holding company, which through its subsidiary provides banking services. It provides a full range of financial services, including lending and depository services, cash management, foreign exchange and trust and investment management services. The company also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. Its subsidiaries engage in the general banking business, principally in domestic markets. The company’s subsidiaries provides a wide range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. The Bancorp’s Commercial and consumer lending services are principally offered to customers within the Company’s domestic markets, to domestic customers with foreign operations and to large national customers focusing on specific targeted industries. Its Lending services include traditional credit products as well as credit card services, leasing, financing and import & export trade, asset-backed lending, agricultural finance and other products. The Bancorp’s Depository services include checking accounts, savings accounts and time certificate contracts. Ancillary services such as foreign exchange, treasury management and receivable lock-box collection are provided to corporate customers. The company’s bank and trust subsidiaries provide a full range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations. U.S. Bancorp was founded in 1929 and is headquartered in Minneapolis, MN.

“US Bancorp 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 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.”

*Information from Forbes.com and Wikipedia.org

**Video published on YouTube by “U.S. Bank


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