U.S. Bancorp facts for kids
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![]() Corporate headquarters, U.S. Bancorp Center, in Minneapolis
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Trade name
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U.S. Bank |
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Public | |
Traded as |
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ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=US9029733048 US9029733048] |
Industry | |
Founded | July 13, 1863 |
Headquarters | U.S. Bancorp Center,
Minneapolis, Minnesota, U.S.
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Number of locations
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3,067 branches and 4,771 automated teller machines |
Key people
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Andrew Cecere (Chairman, President and CEO) |
Products | Consumer Banking, Corporate Banking, Insurance, Investment banking, Mortgage loans, Private banking, Private equity, Wealth management, Credit cards, Financial Analysis |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees
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77,000 (2022) |
Subsidiaries |
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Capital ratio | 10.8% Tier 1 (2017) |
Rating | Long Term Senior Debt Moody's: A1 (10/2016) S&P: A+ (10/2016) Fitch: AA (10/2016) DBRS: AA (10/2016) |
U.S. Bancorp (also known as U.S. Bank) is a large American bank. Its main office is in Minneapolis, Minnesota. It is one of the biggest banks in the United States.
U.S. Bank helps people and businesses with many money services. These include regular banking, loans for homes (mortgages), investments, and credit cards. As of 2019, it had over 3,100 bank branches and 4,800 ATMs. Most of these are in the Western and Midwestern parts of the U.S.
The bank also owns companies like Elavon, which helps process credit card payments for stores. It also owns Elan Financial Services, which issues credit cards for smaller banks. U.S. Bank has a very old banking license, dating back to 1863.
Contents
History of U.S. Bank





The name "U.S. Bank" first appeared in 1891. This was in Portland, Oregon, as the United States National Bank of Portland. It later merged with another bank but kept its name. In 1964, it became the United States National Bank of Oregon.
Another important part of the bank's history started in 1864. This was with the First National Bank of Minneapolis. In 1929, this bank joined with others to form First Bank Stock Corporation. This company later changed its name to First Bank System in 1968.
In a different area, Farmers and Millers Bank opened in Milwaukee in 1853. This bank grew to become First Wisconsin and then Firstar Corporation. Also, in Cincinnati, the First National Bank of Cincinnati opened in 1863. This bank used a special license, Charter #24, which U.S. Bancorp still uses today. Because of this, U.S. Bancorp says its founding date is 1863. This Cincinnati bank eventually became Star Bank.
U.S. Bancorp of Oregon: Early Growth
In 1969, the U.S. National Bank of Oregon created a new company called U.S. Bancorp. This new company was a "holding company," which means it owned the bank. This helped the bank grow and manage its business better.
Over the years, U.S. Bancorp of Oregon started buying other banks. In 1986, it bought Valley National Corporation in Oregon. It also expanded outside Oregon for the first time. It bought Old National Bancorp in Spokane, Washington, in 1987. This was allowed when Washington state changed its laws.
The bank continued to grow in Washington. It bought Peoples Bancorp in Seattle in 1987. After this, Peoples and Old National banks combined to form U.S. Bank of Washington.
U.S. Bancorp of Oregon also moved into California. In 1988, it bought Bank of Loleta. This bank was then renamed U.S. Bank of California. The company also found a way to open a bank in Idaho in 1992. This was by moving a bank's headquarters across state lines.
In 1995, U.S. Bancorp of Oregon made a big purchase. It bought West One Bancorp for $1.8 billion. This deal helped U.S. Bancorp enter the state of Utah. Because of this merger, U.S. Bancorp had to sell some of its branches in Oregon and Washington. This was to follow rules about fair competition.
First Bank System Takes Over
In 1997, a bank called First Bank System, based in Minneapolis, bought U.S. Bancorp of Oregon. This was a huge deal, worth $9 billion. Even though First Bank System bought U.S. Bancorp, the new combined company decided to keep the more well-known "U.S. Bancorp" name. The main office for the new company was set up in Minneapolis.
After this merger, the new U.S. Bancorp continued to grow. It bought more banks, mostly in the Midwest and West. For example, it bought Zappco, Inc. in Minnesota in 1997. It also bought Northwest Bancshares in Washington in 1998.
In 1999, U.S. Bancorp expanded its presence in California. It bought Bank of Commerce in San Diego and Western Bancorp in Newport Beach. These purchases added many new branches in California.
The Firstar Era: A New Chapter
In 2000, another big bank, Firstar Corporation from Milwaukee, Wisconsin, announced it would buy U.S. Bancorp. This deal was worth $21 billion. The merger happened in 2001. Like the previous merger, the combined company kept the "U.S. Bancorp" name. Its headquarters stayed in Minneapolis.
To make sure the merger followed rules, Firstar had to sell some of its branches. These were in the Minneapolis area and in Council Bluffs, Iowa.
After the merger with Firstar, U.S. Bancorp kept growing. In 2001, it bought 20 branches of Pacific Century Bank in California. In 2002, it bought 57 branches of Bay View Bank, also in California.
U.S. Bancorp also bought other financial businesses. In 2005, it acquired Genpass, which included the MoneyPass ATM network. This network allows customers to use ATMs without extra fees. The bank also bought parts of Wachovia Corporation and SunTrust's bond businesses.
In 2008, the U.S. government helped banks during a financial crisis. The U.S. Treasury invested $6.6 billion in U.S. Bancorp. U.S. Bancorp was one of the first banks to pay back this money.
The bank also acquired several smaller, struggling banks. In 2008, it took over Downey Savings & Loan Association and Pomona First Federal Bancorp. In 2009, it acquired First Bank of Idaho. It also bought nine banks from FBOP Corporation. Some of these were later sold to other banks.
In 2014, U.S. Bancorp bought 94 branches of Charter One Bank in Chicago. This helped the bank double its presence in that city.
In 2017, Andrew Cecere became the new CEO of U.S. Bancorp. He also became chairman in 2018.
In 2018, U.S. Bancorp worked with the Department of Justice to improve its systems. The bank agreed to pay fines and make changes to better watch customer transactions. This was to prevent illegal activities. Later, money was given back to customers of a business whose activities the bank had not reported properly.
In 2019, a U.S. Bank employee named Emily James helped a customer who was stranded without gas. She gave him $20 of her own money. She was briefly fired for breaking a company rule, but after her story became public, she was rehired.
In 2020, some U.S. Bank buildings in Minneapolis were damaged during protests. The bank rebuilt one damaged branch. It also donated another property for affordable housing.
In 2021, U.S. Bancorp agreed to buy MUFG Union Bank's consumer business for $8 billion. This was a very large deal for the bank. It greatly increased U.S. Bancorp's presence on the West Coast, especially in California. The deal was completed in December 2022.
In 2022, U.S. Bancorp announced a plan to invest $100 billion over five years. This plan aims to help communities with lower incomes and communities of color get better access to money and banking services.
Notable Corporate Buildings
- U.S. Bank Center in Phoenix, Arizona
- U.S. Bank Tower in Sacramento, California
- One California in San Francisco, California, has the U.S. Bank logo and offices
- U.S. Bank Tower in Los Angeles, California, one of the tallest buildings west of the Mississippi River
- U.S. Bank Tower in Denver, Colorado
- U.S. Bank Plaza in Boise, Idaho
- U.S. Bank Building in Chicago, Illinois
- U.S. Bank Building in Davenport, Iowa
- U.S. Bank Building in Duluth, Minnesota
- U.S. Bancorp Center in Minneapolis, Minnesota
- U.S. Bank Plaza in Minneapolis, Minnesota
- U.S. Bank Center in St. Paul, Minnesota
- One U.S. Bank Plaza in St. Louis, Missouri
- U.S. Bank Building in Billings, Montana
- U.S. Bank Tower in Lincoln, Nebraska
- U.S. Bank Center in Las Vegas, Nevada
- U.S. Bank Tower in Cincinnati, Ohio
- U.S. Bank Centre in Cleveland, Ohio
- U.S. Bancorp Tower in Portland, Oregon (also called "Big Pink")
- U.S. Bank Building in Sioux Falls, South Dakota
- U.S. Bank Center in Seattle, Washington
- U.S. Bank Building in Spokane, Washington
- U.S. Bank Building in La Crosse, Wisconsin
- U.S. Bank Center in Milwaukee, Wisconsin
- U.S. Bank Plaza in Madison, Wisconsin
- U.S. Bank Building in Sheboygan, Wisconsin
U.S. Bank also has the naming rights for U.S. Bank Stadium in Minneapolis, Minnesota.
See also
In Spanish: U.S. Bancorp para niños
- John F. Grundhofer
- Richard K. Davis