U.S. Bank

U.S. Bancorp

Type	Public
Traded as	: USB S&P 100 Component S&P 500 Component
Industry	Banking, Financial services
Founded	September 9, 1968; 48 years ago (1968-09-09)
Headquarters	Minneapolis, Minnesota, U.S.
Key people	Richard K. Davis, Chairman. & CEO Terry Dolan, Vice Chair & CFO Andrew Cecere, Pres. & COO P.W. Parker, Chief Risk Officer Mark G. Runkel, Chief Credit Officer
Products	Credit cards, consumer banking, corporate banking, investment banking, global wealth management, financial analysis, private equity
Revenue	US$ 21.494 bn (2016) US$ 21.494 bn (2015)
Operating income	US$ 8.105 bn (2016) US$ 8.030 bn (2015)
Net income	US$ 5.944 bn (2016) US$ 5.933 bn (2015)
Total assets	US$ 445.964 bn (2016) US$ 421.853 bn (2015)
Total equity	US$ 47.933 bn (12/2016) US$ 46.817 bn (12/2015)
Number of employees	67,000
Capital ratio	9.1% Tier 1 (12/2016)
Rating	Long Term Senior Debt Moody's: A1 (10/2016) S&P: A+ (10/2016) Fitch: AA (10/2016) DBRS: AA (10/2016)
Website	usbank.com

U.S. Bancorp (NYSE: USB) is an American financial services holding company based in Minneapolis, Minnesota, that is the parent company of the U.S. Bank National Association, known as U.S. Bank, the 5th largest commercial bank in the United States. The company, founded in 1929, has $446 billion in assets and operates 3,106 banking offices in 25 states and 4,842 ATMs, and provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.

U.S. Bank is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency, Department of the Treasury.

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, 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. 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.