U.S. Bancorp facts for kids

Quick facts for kids
U.S. Bancorp

Corporate headquarters, U.S. Bancorp Center, in Minneapolis
Trade name	U.S. Bank
Type	Public
Traded as	NYSE: USB S&P 100 component S&P 500 component
ISIN	ISIN: [https://isin.toolforge.org/?language=en&isin=US9029733048 US9029733048]
Industry	Banking Financial services
Founded	July 13, 1863; 161 years ago (1863-07-13)
Headquarters	U.S. Bancorp Center, Minneapolis, Minnesota, U.S.
Number of locations	3,067 branches and 4,771 automated teller machines
Key people	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	US$40.624 billion (2023)
Net income	US$5.429 billion (2023)
Total assets	US$663.491 billion (2023)
Total equity	US$55.306 billion (2023)
Number of employees	77,000 (2022)
Subsidiaries	Elan Financial Services Elavon Talech Syncada
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.

History of U.S. Bank

One US Bank Plaza in downtown St. Louis, Missouri

The US Bank tower in downtown Denver, Colorado

US Bank tower in Salt Lake City, Utah

US Bank Center in Milwaukee, Wisconsin

US Bank Building in Sheboygan, Wisconsin

U.S. Bancorp footprint

United States National Bank of Portland, Oregon

Downtown Minneapolis; Capella Tower is the circular building on the center-right.

US Bank in Hudson, Ohio

The US Bank Tower in downtown Los Angeles, California

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

First Bank System used this logo from 1979.

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 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