US bancorp

Basics

US Bank was formed during the 1990s by acquiring several large regional banks in the West and Midwest . These banks, in turn, grew out of the merger of numerous small banks over the years. Since 1988, US Bank has acquired or merged with more than 50 banks.

The name US Bank first appeared in 1891 at the United States National Bank of Portland , located in
Portland , Oregon ; the name was changed to the United States National Bank of Oregon in 1964. In 1902, there was a merger with Ainsworth National Bank of Portland, but the name US National Bank remained. The decision turned out to be beneficial for the bank, since later in 1913 federal law prohibited other banks from using "United States" in their names. US National was one of the first banks to form a banking holding company called US Bancorp on September 9, 1968.

The central part of the franchise dates from 1864, with the formation of the First National Bank of Minneapolis. In 1929, this bank merged with First National Bank of St. Paul (also formed in 1864) and several smaller Midwest banks to form the First Bank Stock Corporation, which changed its name to First Bank System in 1968 ^[3]

The eastern part of the franchise, Farmers and Millers Bank in Milwaukee, opened its doors in 1853, then grows into First National Bank of Milwaukee, then First Wisconsin and ultimately Firstar. In Cincinnati , the First National Bank of Cincinnati was opened for business in 1863 under the # 24-charter of the National Charter, later called Star Bank.

These banks flourished as independent organizations. As opportunities arose, everyone took part in market mergers and acquisitions in the early decades of the 20th century and in more common extensions during the 1980s and 1990s - including the 1993 deal that the Colorado National Bank brought to Denver in First Bank System, and West One Bancorp of Boise, Idaho , entering the original US Bancorp at
1995 year.

Mergers and Acquisitions

In 1997, US Bancorp merged with First Bank System. The combined bank adopted the name US Bancorp. ^[4] In subsequent years, US Bancorp expanded to California through the acquisition of several small establishments. ^[five]

In 1999, Firstar merged with Star Bank, and acquired Mercantile five months later. The current company was formed when Firstar bought US Bancorp, the deal was closed on February 27, 2001.

December 13, 2001, Two business lines Firstar switched to the name of US Bancorp. ^[6]

On November 14, 2008, US Bancorp received $ 6,599,000,000 from the Emergency Economic Stabilization Act in the form of preferred shares and related warrants. November 21, 2008 US Bank acquired Downey Savings & Loan Assn FA from Downey Financial Corp and Pomona First Fed Bk & Tr (PFF) from PFF Bancorp Inc. At the end of 2008, US Bancorp had total assets of $ 266 billion and the bank was the sixth largest commercial bank in the United States. On June 17, 2009, US Bancorp bought back $ 6.6 billion of preferred shares and on July 15, 2009, it completed the acquisition of an order held by the US Treasury Department. US Bancorp actually entered into a capital buyback program.

In October 2009, US Bancorp announced four separate acquisitions:

• On October 5, 2009, US Bancorp announced the acquisition of Mutual Fund Management and Accounting Services Fiduciary Management, Inc.
• On October 7, 2009, US Bank agreed to buy bonds of First Citizens Bank, a subsidiary of First Citizens Bancshares Inc.
• On October 14, 2009, US Bank agreed to acquire Nevada banking operations from BB&T Corp.
• On October 20, 2009, the United States Bancorp completed the acquisition of nine subsidiaries of FBOP Corporation's: BankUSA, National Association ( Arizona ), California National Bank, Citizens National Bank ( Texas ), Community Bank of Lemont ( Illinois ), Madisonville State Bank (Texas), North Houston Bank (Texas), Pacific National Bank (California), Park National Bank (Illinois), San Diego National Bank (California). US Bancorp subsequently sold three banks in Texas in 2010 to Prosperity Bancshares. ^[7]

On January 28, 2011, US Bancorp acquired assets and deposits of First Community Bank in New Mexico . This is the first entry into the state of New Mexico, which became the 25th state where US Bancorp is present.

January 27, 2012, US Bancorp acquired BankEast assets and deposits ( Knoxville , Tennessee ), which was closed by state regulatory authorities, ten branches of the bank were renamed as branches of US Bank.

On January 7, 2014, US Bancorp announced that it was acquiring 94 Charter One Bank branches in Chicago from RBS Citizens Financial Group as of mid-2014. This allowed US Bancorp to double its market share in Chicago.

There are four main lines of business at US Bancorp that serve individuals, businesses of all sizes, municipalities and other financial institutions.

US Bancorp and its subsidiaries, including US Bank, provide a wide range of financial products and services for individuals, enterprises, non-profit organizations, institutions and government agencies. US Bank products and services are distributed primarily through four core business areas.

Consumer banking provides products and services for the consumer market and small business, and also includes the banking community, metropolitan banking, small business banking, consumer lending, mortgage lending, workplace banking, student banking, 24-hour banking and investment products from US Bank, investments, brokerage services, financial planning, insurance products and services from US Bancorp Investments, Inc., a branch of US Bank.

Wholesale banking offers loans, depositories, cash management, as well as other financial services of the middle market, large corporate clients and the public sector.

Payment Services

Through payment services, US Bancorp provides payment solutions and services for individuals and legal entities around the globe.

Elavon is a subsidiary of US Bancorp and provides financial transaction processing services worldwide.

These units are also part of the payment for services:

• Corporate Payment Systems
• Elavon: credit, debit, electronic check and merchant processing gift cards
• Retail payment solutions: debit, credit, small business, gift and special issuing card
• Medical Payment Solutions
• Services of a financial institution

Wholesale banking business

The US Bankorp Wholesale Banking business offers services to large companies, nonprofits, and municipalities. It provides deposit services, payments, treasury management services, financing, leasing , investment and financing of international trade.
These features are part of the wholesale banking at US Bancorp:

• National Corporate Business
• Medium Commercial Banking Market
• Commercial property
• Correspondent Services
• Dealer Commercial Services
• Foreign currency
• Government banking
• International banking
• Cash management
• Business Equipment, Finance and Leasing
• Small Business Administration, Division (SBA)
• Specialized Manufacturing and Finance
• Banking in industry
• Homeowners Bank Association

Private Equity and Securities Management

Private Banking and Securities Management Business Line US Bancorp provides services for individuals, institutions, enterprises and municipalities.

This business line includes:

• The Private Client Reserve ^[8]
• Ascent Private Capital Management ^[9]
• US Bancorp Investments, Inc.
• US Bancorp Insurance Services, LLC
• Corporate Trust Services
• Institutional Trust & Custody
• US Bancorp Asset Management, Inc. (formerly FAF Advisors, Inc.)
• US Bancorp Fund Services, LLC

Consumer Banking

This US Bancorp division offers services to consumers and small businesses. This line of business includes:

• Public banking
• Metropolitan branch banking
• Local banking
• Small business
• Customer credit
• 24-hour banking and financial trading
• Mortgage
• Community building
• Work and study
• Operational Services: ATMs , credit cards

Overdraft lawsuit

US Bank is struggling to comply with the Electronic Fund transfers Act. ^[10] US Bank is currently involved in a dispute with its insurers for a settlement of $ 55 million arising out of three lawsuits for allegedly excessive overdraft fees and “the largest first check.” ^[11]

In 2013, in the ratings of the Temkin Group, US Bank ranked third in customer service in the banking industry and # 36 of 235 companies in 19 industries across the country. The report reflected the bank’s strong growth over a 12-month period, in 2012 it ranked tenth among banks and # 126 overall. In a separate report by the Temkin Group, US Bank ranked fifth from 211 web-based companies nationwide. This is an improvement compared to No. 33 in 2012. ^[12]

The processing of payments and trade services by US Bancorp are global; wholesale and trust services are national. As of January 28, 2011, consumer and business banking services were provided in 25 states: 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 offices in Canada and Europe .

• Company official website