U.S. Bancorp

U.S. Bancorp is an American diversified financial services holding company headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank National Association, the seventh largest bank in the United States based on $416.0 billion in assets (as of September 30, 2015 per official FDIC data) and fourth largest in the US in total branches

U.S. Bank ranks as the fifth largest bank in the U.S. based on deposits, with $263.7B in deposits as of June 30, 2014. U.S. Bank's branch network serves 25 Midwestern and Western states with 3,151 banking offices and 5,001 ATMs.[citation needed] U.S. Bancorp offers regional consumer and business banking and wealth management services, national wholesale and trust services and global payments services to over 15.8 million customers. The company employs over 65,000 people, and services consumers ranging from investment services, credit cards, loans, and generalized banking.

U.S. Bank was formed during the 1990s through the acquisitions of several major regional banks in the West and Midwest. Those banks, in turn, had grown from the mergers of numerous smaller banks throughout the years. Since 1988 U.S. Bank has acquired or merged with over 50 banks. 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, 1968The 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. 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 would go on to survive many decades to grow into Star Bank.

These banks thrived as independent entities. As opportunities arose, each participated in in-market mergers and acquisitions during the early decades of the 20th century and in more widespread expansions during the 1980s and 1990s — including the 1993 transaction that brought Colorado National Bank in Denver into the First Bank System, and West One Bancorp of Boise, Idaho, coming into the original U.S. Bancorp in 1995..

In 1997, U.S. Bancorp merged into First Bank System. Although First Bank System was the surviving company and corporate headquarters stayed in Minneapolis, the merged bank took the U.S. Bancorp name. In the following years, U.S. Bancorp expanded into California by acquiring several small institutions.

In 1999, Firstar merged with Star Bank, and acquired Mercantile five months later. The present-day company was formed when Firstar bought U.S. Bancorp, a deal which closed on February 27, 2001. While Firstar was the surviving company, it changed its name to U.S. Bancorp and moved its headquarters to Minneapolis.

On December 13, 2001, two business lines of Firstar switched to the U.S. Bancorp name, the first name changes after the Firstar/U.S. Bancorp merger.

US Bank in Hudson, Ohio

On November 14, 2008, U.S. Bancorp received $6,599,000,000 from the Emergency Economic Stabilization Act in the form of a preferred stock and related warrants. On November 21, 2008 U.S. Bank purchased Downey Savings & Loan Assn FA from Downey Financial Corp and Pomona First Fed Bk & Tr (PFF) from PFF Bancorp Inc. (CA). At year-end 2008, U.S. Bancorp had total assets of $266 billion, and U.S. Bank was the 6th-largest commercial bank within the United States. On June 17, 2009, U.S. Bancorp 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 among the first banks to repay the Troubled Asset Relief Program (TARP) funds.