U.S. Bancorp facts for kids

Quick facts for kids
U.S. Bancorp

U.S. Bancorp's headquarters 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	Financial services
Founded	July 13, 1863; 162 years ago (1863-07-13)
Headquarters	U.S. Bancorp Center, Minneapolis, Minnesota, U.S.
Number of locations	3,661 branches (2024) 4,771 ATMs (2024)
Key people	Andrew Cecere (chairman) Gunjan Kedia president and CEO)
Products	banking asset management wealth management credit cards insurance investment management mortgage loans private equity
Revenue	US$27.46 billion (2024)
Operating income	US$7.84 billion (2023)
Net income	US$6.33 billion (2024)
Total assets	US$678.32 billion (2024)
Total equity	US$58.9 billion (2024)
Number of employees	70,000+ (2024)
Subsidiaries	Elavon Talech Syncada
Capital ratio	10.5% Tier 1 (2024)

U.S. Bancorp (also known as U.S. Bank) is a large American company that helps people and businesses with their money. Its main office is in Minneapolis, Minnesota.

U.S. Bank is one of the biggest banks in the United States. It is considered very important for the country's financial system. This means if something bad happened to U.S. Bank, it could affect many other banks and the economy.

The company offers many services. These include regular banking, helping people manage their investments, offering credit cards, and providing mortgage loans for homes. They also help businesses and even governments with their money needs.

U.S. Bank's history goes back a long way to 1863. Over the years, it grew by joining with many other smaller banks. Today, it is a major financial company that helps millions of customers. It is also known for sponsoring places like U.S. Bank Stadium.

How U.S. Bank Started

One U.S. Bank Plaza in downtown St. Louis, Missouri

The U.S. Bank tower in downtown Denver, Colorado

U.S. Bank tower in Salt Lake City, Utah

U.S.. Bank Center in Milwaukee, Wisconsin

U.S. 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.

U.S. Bank in Hudson, Ohio

The U.S. Bank Tower in downtown Los Angeles, California

The name "U.S. Bank" first appeared in Portland, Oregon, in 1891. It was called the United States National Bank of Portland. Later, it merged with another bank but kept the U.S. National Bank name.

However, the company's roots go back even further to 1863. That's when the First National Bank of Cincinnati opened. U.S. Bancorp still uses the original banking license from that 1863 bank. This makes it one of the oldest banks still operating in the country!

Over time, many banks joined together to form what is now U.S. Bancorp. For example, in 1929, two banks from Minneapolis and St. Paul merged to create First Bank Stock Corporation. This company later became First Bank System.

Another important part of the bank's history comes from Farmers and Millers Bank, which started in Milwaukee in 1853. This bank eventually became Firstar Corporation.

Growing Through Mergers

In 1969, the U.S. National Bank of Oregon became a larger company called U.S. Bancorp. This allowed it to buy other banks.

One of its first big moves outside Oregon was buying Old National Bancorp in Washington state in 1987. This was allowed because Washington had just changed its laws to let out-of-state banks buy local ones. U.S. Bancorp also bought Peoples Bancorp in Seattle that same year.

U.S. Bancorp then expanded into California in 1988 by buying Bank of Loleta. It also found a clever way to enter Idaho in 1992 by moving a bank's headquarters across state lines.

In 1995, U.S. Bancorp of Oregon bought West One Bancorp. This deal helped U.S. Bank expand into Utah for the first time.

Becoming a Bigger Bank

In 1997, First Bank System, a large bank from Minneapolis, bought U.S. Bancorp of Oregon. Even though First Bank System was the buyer, the new combined company decided to keep the more well-known "U.S. Bancorp" name. The main office moved to Minneapolis.

This new U.S. Bancorp continued to grow. It bought more banks in states like Washington and California.

In 2000, another big merger happened. Firstar Corporation, based in Milwaukee, bought U.S. Bancorp. Again, the combined company kept the U.S. Bancorp name and its headquarters in Minneapolis. This merger made U.S. Bancorp even larger.

Recent History and Growth

After the merger with Firstar, U.S. Bancorp kept expanding. It bought many smaller banks and financial businesses.

In 2005, U.S. Bancorp bought MoneyPass, a network of ATMs. This made it easier for customers to find ATMs without extra fees.

During the 2008 financial crisis, the U.S. government helped many banks, including U.S. Bancorp, with money. U.S. Bancorp was one of the first banks to pay back this money.

The company continued to acquire other banks and their branches, especially those that had problems during the financial crisis. For example, in 2009, it bought several banks from FBOP Corporation.

In 2014, U.S. Bancorp bought 94 bank branches in Chicago from Charter One Bank. This greatly increased its presence in that city.

In 2017, U.S. Bancorp made the first "real-time payment" transaction in the U.S. banking industry. This meant money moved between accounts almost instantly.

In 2020, some U.S. Bank buildings in Minneapolis were damaged during protests. The company rebuilt one damaged branch and donated another property to help create affordable housing.

A very big deal happened in 2021. U.S. Bancorp agreed to buy the consumer banking part of MUFG Union Bank for $8 billion. This deal, which was completed in December 2022, greatly expanded U.S. Bancorp's presence on the West Coast, especially in California. It was the largest deal for U.S. Bank since 2001.

In August 2023, Mitsubishi UFG Financial Group Inc., the former owner of MUFG Union Bank, bought a large share in U.S. Bancorp. This strengthened the partnership between U.S. Bancorp and Japan's largest bank.

In April 2025, Gunjan Kedia became the new CEO of U.S. Bancorp.

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