U.S. Bancorp
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| U.S. Bancorp | |
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| Type | Public (NYSE: USB) |
| Founded | Portland, Oregon (1890) |
| Headquarters | Minneapolis, Minnesota |
| Key people | Jerry Grundhofer, Chairman of the Board Richard K. Davis, President, CEO |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Employees | approximately 55,000 2006 [1] |
| Website | www.usbank.com |
U.S. Bancorp (NYSE: USB) is a financial services holding company, headquartered in Minneapolis, Minnesota. Its retail division is U.S. Bank, the sixth-largest bank in the United States based on holdings.
U.S. Bancorp was number 131 in the Fortune 500 list of major U.S. companies for 2006.
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[edit] History
The present day U.S. Bancorp developed from a number of mergers, beginning with Firstar Corporation's (formerly First Wisconsin National Bank) of Milwaukee, Wisconsin's merger with Star Bank (formerly First National Cincinnati) of Cincinnati, Ohio in 1999. Five months later, Firstar acquired Mercantile Bancorporation of St. Louis, Missouri. The final major acquisition was Firstar's buyout of U.S. Bancorp, headquartered in Minneapolis, Minnesota. That buyout was completed on February 27, 2001. Firstar changed its name to U.S. Bancorp at that time.
The original U.S. Bancorp was the successor of the United States National Bank of Portland, which was founded in Portland, Oregon in 1891 and changed its name to the United States National Bank of Oregon in 1964. That corporation was acquired in 1997 by First Bank System, Inc., which had its headquarters in Minneapolis, Minnesota. With that acquisition, First Bank System changed its name to U.S. Bancorp. First Bank System was the successor of a bank holding company formed in 1929 by several banks in the Upper Midwest, most notably the First National Bank of Minneapolis and the First National Bank of St. Paul, both of which had been founded in 1864.[1][2][3][4]
In early June 1999, Minnesota Attorney General Mike Hatch filed a lawsuit against Minneapolis-based U.S. Bancorp, alleging that the bank illegally released private customer information to a telemarketer.
Several other banks were acquired by U.S Bancorp's legacy companies. Other banks that were bought by Firstar include Banks of Iowa, Federated Bank, First Colonial Bankshares Corporation, and Investors Bank. Banks bought by Mercantile Bancorporation include Mark Twain Bancshares, Firstbank of Illinois, Hawkeye Bancorporation, and Ameribanc. Star Bank Corporation bought Great Financial Bank, and US Bancorp bought West One Bancorp and WestStar Bank
[edit] Coverage
U.S. Bancorp has locations in Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Massachusetts, Minnesota, Missouri, Montana, Nebraska, Nevada, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming. It also has some operations in Canada and Europe.
[edit] Subsidiaries
Former subsidiaries include Piper Jaffray NYSE: PJC, which became an independent, publicly held company following its spin-off from U.S. Bancorp on December 31, 2003. U.S. Bancorp's subsidiary credit card processor is Nova Information Systems.
[edit] See also
[edit] Namesakes
- The U.S. Bank Tower in Los Angeles
- US Bancorp Tower in Portland, Oregon
- US Bank Centre in Seattle, WA
- U.S. Bank Tower in Cincinnati, Ohio
- US Bank Center in Milwaukee, WI
- U.S. Bank Arena in Cincinnati, Ohio
- One US Bank Plaza in St. Louis, Missouri
- U.S. Bank Plaza in Minneapolis, MN
- U.S. Bank Center in Saint Paul, MN
- U.S. Bank Building in Duluth, MN
- U.S. Bank Tower in Sacramento, California
- U.S. Bank Tower in Nashville,Tennessee
- U.S. Bank Tower in Lincoln, Nebraska
- U.S. Bank Tower in Denver, Colorado
- US Bank Plaza in Sacramento, California
[edit] References
- ^ (2007) Standard and Poor's 500 Guide. The McGraw-Hill Companies, Inc.. ISBN 0-07-147906-6.
[edit] External links
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