U.S. Bancorp is a bank holding company based in Minneapolis, Minnesota. It is the parent company of U.S. Bank, National Association, known as U.S. Bank, which is ranked 5th on the list of largest banks in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 ATMs, primarily in the Midwestern United States. The company also owns Elavon, a processor of credit card transactions.
U.S. Bancorp operates under the second-oldest continuous national charter, originally Charter #24, granted in 1863 following the passage of the National Bank Act. Earlier charters have expired as banks were closed or acquired, raising U.S. Bank's charter number 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.
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History
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 advantageous for the bank, 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, on September 9, 1968.
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, 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 Corporation. In Cincinnati, First National Bank of Cincinnati opened for business in 1863 under National Charter #24--the charter that U.S. Bancorp still operates under today, and one of the oldest active national bank charters in the nation. Despite having started up in the midst of the Civil War, First National Bank of Cincinnati went on to survive many decades to grow into Star Bank.
In 1929, Mississippi Valley Trust Company, one of the predecessors to U.S. Bank, helped to finance Charles Lindbergh's historic flight across the Atlantic Ocean with a $15,000 loan.
In 1993, First Bank System acquired Colorado National Bank.
In 1995, U.S. Bancorp acquired West One Bancorp of Boise, Idaho for $1.8 billion.
In 1997, U.S. Bancorp of Oregon merged into First Bank System, keeping the U.S. Bancorp name but moving the headquarters to Minneapolis.
In 1999, U.S. Bancorp expanded into California by acquiring Western Bancorp for $904 million.
In 1999, Firstar Corporation of Milwaukee acquired Star Bank of Cincinnati.
The same year, the company acquired Mercantile Bancorporation in a $10.6 billion transaction. Mercantile had acquired Mark Twain Bancshares for $792 million in 1996.
In 2001, Firstar bought U.S. Bancorp in a $21 billion transaction, keeping the U.S. Bancorp name but moving the headquarters to Minneapolis.
On November 14, 2008, the U.S. Treasury invested $6,599,000,000 in preferred stock and warrants in the company via the Emergency Economic Stabilization Act of 2008.
On November 21, 2008, the company purchased Downey Savings & Loan Association and Pomona First Federal Bancorp in a transaction facilitated by the Federal Deposit Insurance Corporation for an disclosed amount. Downey Savings had 170 branch offices in California and five branch offices in Arizona while PFF Bank had 38 branch offices in Southern California.
On June 17, 2009, the company 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 the first bank to repay the Troubled Asset Relief Program (TARP) funds.
On October 5, 2009, the company announced its acquisition of the mutual fund administration and accounting servicing division of Fiduciary Management, Inc. for an undisclosed amount.
On October 7, 2009, the company agreed to buy the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares Inc. for an undisclosed amount.
On October 20, 2009, the company completed a transaction to purchase FBOP Corporation's nine subsidiary banks from the FDIC for an disclosed amount. The banks included BankUSA, National Association with 2 offices in Arizona, Cal National Bank with 68 offices in California, Citizens National Bank with 1 office in Texas, Community Bank of Lemont with 1 office in Illinois, Madisonville State Bank with 1 office in Texas, North Houston Bank with 1 office in Texas, Pacific National Bank with 17 offices in California, Park National Bank with 31 offices in Illinois, and San Diego National Bank with 28 offices in California.
The company subsequently sold the three banks in Texas in 2010 to Houston-based Prosperity Bancshares for an disclosed amount. Each of the banks had one office each.
In January 2010, the company acquired the Nevada banking operations of BB&T Corp. for an disclosed amount. BB&T had just recently acquired the 21 offices in Nevada through a transaction facilitated by the FDIC for disposal of the assets and deposits of the failed Alabama-based Colonial BancGroup but BB&T had no desire to expand west of Texas while it wanted to keep the other Colonial former locations.
In January 2011, the company acquired the assets and deposits of First Community Bank of New Mexico in a transaction facilitated by the FDIC for an asset discount of approximately $380 million. The acquisition had included 35 offices in New Mexico and 3 offices in Arizona.
In January 2012, the company acquired the assets and deposits of failed Knoxville, Tennessee-based BankEast in a transaction facilitated by the FDIC for an asset discount of approximately $67.5 million. The acquisition had included 10 offices in the Knoxville area.
In June 2014, the company acquired 94 branches of Charter One Bank in Chicago from RBS Citizens Financial Group for $315 million, doubling its market share in Chicago. 13 Charter One branches were closed due to their close proximity to existing U.S. Bank offices.
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Source of the article : Wikipedia
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