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U.S. Bank National Association

U.S. Bancorp
U.S. Bank
Public company
Traded as USB
S&P 100 Component
S&P 500 Component
Industry Banking, Financial services
Founded September 9, 1968; 49 years ago (1968-09-09)
Headquarters Minneapolis, Minnesota, United States
Number of locations
3,106 branches and 4,842 ATMs
Key people
Richard K. Davis
(Executive Chairman)
Andrew Cecere
(President and CEO)
Products Credit cards
Retail banking
Commercial bank
Investment banking
Private banking
Financial analysis
Private equity
Revenue IncreaseUS$21.494 billion (2016)
IncreaseUS$8.105 billion (2016)
IncreaseUS$5.944 billion (2016)
Total assets IncreaseUS$445.964 billion (2016)
Total equity IncreaseUS$47.933 billion (2016)
Number of employees
71,191 (2016)
Subsidiaries
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 www.usbank.com

U.S. Bancorp is a bank holding company based in Minneapolis, Minnesota. It is the parent company of U.S. Bank, National Association, known as U.S. Bank, which is ranked 7th on the list of largest banks in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 ATMs, primarily in the Midwestern United States. The company also owns Elavon, a processor of credit card transactions.

U.S. Bancorp operates under the second-oldest continuous national charter, originally Charter #24, granted in 1863 following the passage of the National Bank Act. Earlier charters have expired as banks were closed or acquired, raising U.S. Bank's charter number from #24 to #2. The oldest national charter, originally granted to the First National Bank of Philadelphia, is held by Wells Fargo, which it obtained upon its merger with Wachovia.

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.


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