U.S. Bancorp

The financial holding U.S. Bancorp is the parent company of one of the largest commercial banks in the US as of September 2009 – U.S. Bank. The holding has 2851 offices and 5175 ATMs throughout the country and a total worth of assets adding up to $265 billion. The structure is listed under USB on the New York Stock Exchange. The headquarters are located in Minneapolis, Minnesota. The company provides various regional consumer and business financial services, including wealth management, wholesale and trust management, global payment services, brokerage, insurance, investment, and mortgage. The customer body numbers 15.8 and the employees are over 55 000.

The Minnesota U.S Bancorp was created after two centuries of evolution of the established in 1891 financial institution. In 1964, the body was renamed United States National Bank of Oregon. Another holding company, First Bank System, bought the establishment in 1997. First Bank System was created in 1929, after the merger of the First National Bank of St. Paul, and the old First National Bank of Minneapolis, as well as some other Midwest banks. The present U.S Bancorp, however, came about after the Firstar Corporation of Milwaukee, Wisconsin and the Cincinnati-based star Bank merged in 1999. Later, Firstar acquired the Mercantile Bancorporation in Missouri (1999) and the then U.S Bancorp (2001). In response to the upcoming economic downturn, the government gave $6,599 million (as preference shares and related warrants). In June, 2009 the bank repaid the $6.6 billion and bought a warrant from the US Treasury Department. In 2009, the holding adjoined nine subsidiaries of the bankrupt FBOR Corporation, widening its group with spots in Illinois, California, Texas, and Arizona.

US Bancorp’s activities encompass a wide variety of financial services to businesses, private individuals, municipalities and other government institutions. The subsidiary Elavon provides international banking services worldwide, including credit, debit, merchant processing, electronic check, and gift cards. The holding’s payment services include corporate and retail payment programs, as well as healthcare and financial services. The wholesale banking comprises of national corporate banking, treasury management, foreign exchange, international and government banking, SME equipment finance, commercial real estate, etc. U.S. Bancorp’s wholesale business works with large companies, NGOs and municipalities. The body provides investments, financing, leasing payments, deposit services treasury management services, and international trade financing. U. S. Bancorp also offers security services and wealth management, guaranteeing custody, delivery, and obligation.


Copyright © 2015 Commercial Banks Guide | Privacy