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U.S. Bancorp (stylized as us bancorp) is an American
bank holding company A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well. United States ...
based in Minneapolis, Minnesota, and incorporated in
Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...
. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution 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 A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually r ...
and 4,842
automated teller machine An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fun ...
s, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a
systemically important bank A systemically important financial institution (SIFI) is a bank, insurance company, or other financial institution whose failure might trigger a financial crisis. They are colloquially referred to as "too big to fail". As the financial crisis o ...
by the
Financial Stability Board The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability Forum ...
. The company also owns
Elavon Elavon Inc., formerly NOVA, is a processor of credit card transactions and a subsidiary of U.S. Bancorp. Elavon offers merchant processing in more than 30 countries and supports the payment needs of more than 1,000,000 merchant locations across t ...
, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S. 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 The National Banking Acts of 1863 and 1864 were two United States federal banking acts that established a system of national banks, and created the United States National Banking System. They encouraged development of a national currency backed by ...
. 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 Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...
, which was obtained upon its merger with
Wachovia Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total asset ...
.


History

The U.S. Bank name first appeared as United States National Bank of Portland, established in
Portland, Oregon Portland (, ) is a port city in the Pacific Northwest and the list of cities in Oregon, largest city in the U.S. state of Oregon. Situated at the confluence of the Willamette River, Willamette and Columbia River, Columbia rivers, Portland is ...
, in 1891. In 1902, it merged with Ainsworth National Bank of Portland, but kept the U.S. National Bank name. It changed its name to the United States National Bank of Oregon in 1964. 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 The Upper Midwest is a region in the northern portion of the U.S. Census Bureau's Midwestern United States. It is largely a sub-region of the Midwest. Although the exact boundaries are not uniformly agreed-upon, the region is defined as referring ...
banks to form the First Bank Stock Corporation, which changed its name to
First Bank System First Bank System was a Minneapolis, Minnesota-based regional bank holding company that operated from 1864 to 1997. What was once First Bank forms the core of today's U.S. Bancorp; First Bank merged with the old U.S. Bancorp in 1997 and took the ...
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 Corporation Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis. History Firstar was founde ...
. In Cincinnati, First National Bank of Cincinnati opened for business on July 13, 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. U.S. Bancorp claims 1863 as its founding date. Despite having started up in the midst of the Civil War, First National Bank of Cincinnati went on to survive many decades to grow into Star Bank.


U.S. Bancorp of Oregon era

In January 1969, the U.S. National Bank of Oregon reorganized as a
holding company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...
, U. S. Bancorp, after receiving authorization from its bank directors on September 9, 1968 and subsequently receiving legal approval to proceed from the
Comptroller of the Currency The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all nationa ...
on November 28, 1968. LeRoy B. Staver, president, and chief executive officer of the bank, was quickly appointed chairman and chief executive officer for the new holding company while Robert B. Wilson was appointed president of the holding company and also executive vice president for the bank. Wilson later resigned as president in December 1972 and his position was filled eight months later by John A. Elorriaga. Staver retired in October 1974 and was succeeded by John Elorriaga who was promoted to chairman and chief executive officer while Carl W. Mays Jr was named president in Elorriaga's place. A major change in the organization of leadership in the U.S. Bancorp of Oregon occurred in August 1983. Although Elorriaga remained as chairman and chief executive officer for the firm, Mays was appointed to the new position of executive assistant to the chairman while Edmund P. Jensen was appointed president as a replacement to Mays, and Roger L. Breezley was appointed to the new post of chief operating officer. In December 1986, U.S. Bancorp of Oregon announced the pending acquisition of the
Forest Grove, Oregon Forest Grove is a city in Washington County, Oregon, United States, west of Portland. Originally a small farm town, it is now primarily a commuter town in the Portland metro area. Settled in the 1840s, the town was platted in 1850, then incorpor ...
-based Valley National Corporation (not to be confused with the Phoenix, Arizona, company of the same name) with its five-branch Valley National Bank of Forest Grove subsidiary for $13.7 million in stock. U.S. Bancorp of Oregon made its first acquisition outside the state of Oregon by announcing in December 1986 the pending acquisition of the
Spokane, Washington Spokane ( ) is the largest city and county seat of Spokane County, Washington, United States. It is in eastern Washington, along the Spokane River, adjacent to the Selkirk Mountains, and west of the Rocky Mountain foothills, south of the Cana ...
-based Old National Bancorp with its Old National Bank of Washington and First National Bank of Spokane subsidiaries for $174 million. The acquisition was completed in July 1987 on the first day that the state of Washington had allowed bank acquisitions by out-of-state companies. In December 1986, U.S. Bancorp of Oregon announced the pending acquisition of the Camas, Washington-based Heritage Bank for $2.8 million. In May 1987, U.S. Bancorp of Oregon announced the pending acquisition of the
Seattle, Washington Seattle ( ) is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest region ...
-based Peoples Bancorp with its Peoples National Bank subsidiary for $275 million in stock. The acquisition was completed in December 1987. After the acquisition, Peoples and Old National were combined to form U.S. Bank of Washington. John Elorriaga retired as chairman of the board and chief executive officer in November 1987 and was replaced by Roger L. Breezley while Jensen continued as president. In December 1987, U.S. Bancorp of Oregon announced the pending acquisition of the
Bellingham, Washington Bellingham ( ) is the most populous city in, and county seat of Whatcom County in the U.S. state of Washington. It lies south of the U.S.–Canada border in between two major cities of the Pacific Northwest: Vancouver, British Columbia (loc ...
-based Mt Baker Bank for $25 million. U.S. Bancorp of Oregon entered the state of
California California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2million residents across a total area of approximately , it is the most populous U.S. state and the 3rd largest by area. It is also the m ...
by announcing in April 1988 the pending acquisition of the
Eureka, California Eureka (Wiyot: ''Jaroujiji'', Hupa: ''do'-wi-lotl-ding'', Karuk: ''uuth'') is the principal city and county seat of Humboldt County in the Redwood Empire region of California. The city is located on U.S. Route 101 on the shores of Humboldt Ba ...
-based Bank of Loleta with seven branch offices in Humboldt and Del Norte counties for $15.3 million in cash. The acquisition was completed in December 1988 and was renamed U.S. Bank of California. In April 1988, U.S. Bancorp of Oregon announced the pending acquisition of the
Bellingham, Washington Bellingham ( ) is the most populous city in, and county seat of Whatcom County in the U.S. state of Washington. It lies south of the U.S.–Canada border in between two major cities of the Pacific Northwest: Vancouver, British Columbia (loc ...
-based Northwestern Commercial Bank for $15.5 million. The acquisition was completed in November 1988. In July 1988, U.S. Bancorp of Oregon announced the pending acquisition of the Auburn, Washington-based Western Independent Bancshares with its Auburn Valley Bank subsidiary for $4.25 million in cash. In October 1989, U.S. Bancorp of Oregon announced the pending acquisition of the
Sacramento, California ) , image_map = Sacramento County California Incorporated and Unincorporated areas Sacramento Highlighted.svg , mapsize = 250x200px , map_caption = Location within Sacramento ...
-based Mother Lode Savings Bank with three branch offices for $5.3 million. The acquisition was completed in August 1990. This acquisition was one of the first of a thrift by a commercial bank in the nation since legislation permitting such takeovers went into effect. During the late 1980s, U.S. Bancorp of Oregon made several attempts to enter the state of Idaho by the acquisition of an existing Idaho-based bank, the only method then allowed under Idaho law, but failed when the price got too high. In March 1990, U.S. Bancorp of Oregon announced that they would establish a bank through a loophole in Federal banking law that allows the Office of the Comptroller of the Currency to allow the relocation of bank headquarters within 30 miles of their present location without regards to state boundaries and state regulations. So U.S. Bancorp of Oregon announced that they plan to transfer the existing branches of the First National Bank of Spokane to the U.S. Bancorp of Washington and then ask permission from the Office of the Comptroller of the Currency to move the headquarters of First National from Spokane, Washington, to
Coeur d'Alene, Idaho Coeur d'Alene ( ; french: Cœur d'Alène, lit=Heart of an Awl ) is a city and the county seat of Kootenai County, Idaho, United States. It is the largest city in North Idaho and the principal city of the Coeur d'Alene Metropolitan Statistica ...
. After receiving Federal approval, First National was finally moved in February 1992 and renamed U.S. Bank of Idaho. In July 1990, U.S. Bancorp of Oregon announced the pending acquisition of the
Auburn, California Auburn is a city in and the county seat of Placer County, California, United States. Its population was 13,776 during the 2020 census. Auburn is known for its California Gold Rush history and is registered as a California Historical Landmark. Au ...
-based HeartFed Financial Corporation with its Heart Federal Savings and Loan subsidiary for $107.8 million in stock. At the time of the announcement, Heart Federal Savings had 29 branch offices in northern California. The acquisition was completed in March 1991 for $118 million. In November 1991, Edmund P. Jensen was given the post of chief operating officer in addition to his duties as president, making him a possible successor to Breezley. In February 1992, U.S. Bancorp of Oregon announced the pending acquisition of the 20 branch offices in Northern California and 29 branch offices in
Nevada Nevada ( ; ) is a state in the Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. Nevada is the 7th-most extensive, ...
for $70 million that were being divested by
Bankamerica Corporation The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...
as a result of Bank of America's impending acquisition of
Security Pacific Corporation Security Pacific National Bank (SPNB) was a large U.S. bank headquartered in Los Angeles, California. It was acquired by Bank of America in 1992. History On September 1, 1868, Hellman, Temple and Co. opened their first bank branch in Los ...
. This acquisition gave U.S. Bancorp of Oregon its first presence in the state of Nevada. Another major change in the organization of leadership in the U.S. Bancorp of Oregon occurred in January 1993. While retaining his position as chief operating officer, Edmund P. Jensen was appointed vice-chairman while giving his position of president to Kevin R. Kelly. At the same time, Gerry B. Cameron was appointed vice-chairman. Ten months later, Jensen resigned to become president of
Visa Inc. Visa Inc. (; stylized as ''VISA'') is an American multinational financial services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded cred ...
In January 1994, Gerry Cameron was first appointed chief operating officer as a replacement to Jensen and later appointed chief executive officer just three weeks later. Kelly submitted his resignation as president in March 1994 and Breezley finally gave up the chairmanship to Cameron in April 1994. In May 1995, U.S. Bancorp of Oregon announced the pending acquisition of the
Boise, Idaho Boise (, , ) is the capital and most populous city of the U.S. state of Idaho and is the county seat of Ada County. On the Boise River in southwestern Idaho, it is east of the Oregon border and north of the Nevada border. The downtown are ...
-based West One Bancorp for $1.8 billion. At the time of the announcement, West One had branch offices in Idaho, Oregon, Washington, and Utah while U.S. Bancorp of Oregon had branch offices in Oregon, Washington, California, Idaho, and Nevada. The acquisition was completed in December 1995 and gave U.S. Bancorp of Oregon its first entry into the state of Utah. As part of the acquisition deal, West One's chairman and chief executive Daniel R. Nelson would become the chief operating officer and president of U.S. Bancorp and he would later be Cameron's successor as chairman and CEO upon Cameron's planned retirement in three years. Since both U.S. Bancorp and West One had overlapping territories in Oregon and Washington, the U.S. Justice Department would only allow the acquisition to proceed if U.S. Bancorp would sell off 27 branch offices in Washington and Oregon. As a result of the regulatory ruling, U.S. Bancorp sold 25 branch offices in Oregon, four in central Washington and one in Idaho to
First Hawaiian Bank First Hawaiian, Inc. is a bank holding company headquartered in Honolulu, Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858, is Hawaii’s oldest and largest financial institution headquartered in Honolulu, Hawaii, a ...
for $38 million in cash. In February 1996, U.S. Bancorp of Oregon announced the pending acquisition of the
San Ramon, California San Ramon (Spanish: ''San Ramón'', meaning "St. Raymond") is a city in Contra Costa County, California, United States, located within the San Ramon Valley, and east of San Francisco. San Ramon's population was 84,605 per the 2020 census, maki ...
-based California Bancshares for $309 million in stock. California Bancshares had a total of 38 branches in the East San Francisco Bay Area in nine separate banks that included Alameda First National, Community First National, Modesto Banking Co., Commercial Bank of Fremont, Lamorinda National Bank, Bank of San Ramon Valley, Westside Bank, Concord Commercial Bank and Bank of Milpitas. The acquisition was completed in June 1996. In September 1996, U.S. Bancorp of Oregon announced the pending acquisition of the
St. George, Utah St. George is a city in and the county seat of Washington County, Utah, United States. Located in southwestern Utah on the Arizona border, it is the principal city of the St. George Metropolitan Statistical Area (MSA). The city lies in the northe ...
-based Sun Capital Bancorp with its three-branch office Sun Capital Bank subsidiary for $15.5 million. The acquisition was completed in January 1997. In December 1996, Daniel R. Nelson, president and chief operating officer of U.S. Bancorp of Oregon, unexpectedly announced his early retirement effective on New Year's Day 1997. Nelson was originally in line to be Gerry B. Cameron's successor as chairman and chief executive upon the Cameron's planned retirement on New Year's Day 1999. In December 1996, U.S. Bancorp of Oregon announced the pending acquisition of the
Sacramento, California ) , image_map = Sacramento County California Incorporated and Unincorporated areas Sacramento Highlighted.svg , mapsize = 250x200px , map_caption = Location within Sacramento ...
-based Business & Professional Bank for $35 million in cash. The acquisition was completed in May 1997.


First Bank System era

In March 1997, the
Minneapolis Minneapolis () is the largest city in Minnesota, United States, and the county seat of Hennepin County. The city is abundant in water, with thirteen lakes, wetlands, the Mississippi River, creeks and waterfalls. Minneapolis has its origins ...
,
Minnesota Minnesota () is a state in the upper midwestern region of the United States. It is the 12th largest U.S. state in area and the 22nd most populous, with over 5.75 million residents. Minnesota is home to western prairies, now given over to ...
-based First Bank System announced the pending acquisition of U.S. Bancorp of Oregon for $9 billion in stock. At the time of the announcement, U.S. Bancorp of Oregon had banking offices in Oregon, Washington, California, Idaho and Utah while First Bank System had banking offices in Minnesota, Colorado, Nebraska, North Dakota, South Dakota, Montana, Iowa, Illinois, Wisconsin, Kansas, and Wyoming. Under the terms of the acquisition, First Bank System was the nominal survivor, and the newly merged company was headquartered in Minneapolis. However, it took the more recognizable U. S. Bancorp name.
John F. Grundhofer John F. Grundhofer (January 1, 1939 – January 24, 2021) was a director of Donaldson Company, Securian Financial Group Inc., and BJ's Restaurant & Brewery. He served as Chairman (1990–1997 and 1999–2002), Chief Executive Officer (1990–2001) ...
, chairman and chief executive of First Bank, was appointed president and chief executive of the new company while Gerry B. Cameron, chairman, and chief executive of U.S. Bancorp of Oregon, was appointed chairman of the new company, which he held until his retirement in 1998. The acquisition was completed in August 1997. Approximately 4000 jobs were eliminated, mostly in Portland.


Brief history of First Bank prior to acquisition

First Bank System can trace its roots to the formation of First National Bank of Minneapolis in 1864. In 1929, the First National Bank of Minneapolis joined with the First National Bank of St. Paul to form a joint holding company for both banks that was called the First Bank Stock Corporation, while keeping both subsidiary banks legally separate. The new holding company quickly grew by acquiring other banks in the four-state region before the
Bank Holding Company Act of 1956 The Bank Holding Company Act of 1956 (, ''et seq.'') is a United States Act of Congress that regulates the actions of bank holding companies. The original law (subsequently amended), specified that the Federal Reserve Board of Governors must appr ...
prohibited such actions. First Bank Stock Corporation was renamed First Bank System Inc. in 1968.Alternate Link
via
ProQuest ProQuest LLC is an Ann Arbor, Michigan-based global information-content and technology company, founded in 1938 as University Microfilms by Eugene B. Power. ProQuest is known for its applications and information services for libraries, provid ...
.


U.S. Bancorp after takeover by First Bank System

In September 1997, the new U.S. Bancorp, formerly First Bank System, announced the pending acquisition of the
St. Cloud, Minnesota St. Cloud is a city in the U.S. state of Minnesota and the largest population center in the state's central region. The population was 68,881 at the 2020 census, making it Minnesota's 12th-largest city. St. Cloud is the county seat of Stear ...
-based Zappco, Inc. with its three banks and six banking locations for an undisclosed amount. At the time of the announcement, U.S. Bancorp had more than 1,000 banking offices in the states of Minnesota, Oregon, Washington, Colorado, California, Idaho, Nebraska, North Dakota, Nevada, South Dakota, Montana, Iowa, Illinois, Utah, Wisconsin, Kansas, and Wyoming. The acquisition was completed in December 1997. In March 1998, U.S. Bancorp announced the pending acquisition of the
Vancouver, Washington Vancouver is a city on the north bank of the Columbia River in the U.S. state of Washington, located in Clark County. Incorporated in 1857, Vancouver has a population of 190,915 as of the 2020 census, making it the fourth-largest city in Was ...
-based Northwest Bancshares with its 10-branch offices Northwest National Bank subsidiary for an undisclosed amount. In October 1998, the U.S. Justice Department agreed to allow the acquisition to proceed on the condition that one of the Northwest National Bank branch offices was to be sold. The acquisition was completed in December 1998 after U.S. Bancorp sold the request banking office to Centennial Bank of Eugene. At the end of 1998, Gerry Cameron retired as chairman and handed the position over to John Grundhofer who added the title of chairman to his other positions of president and chief executive officer. In February 1999, U.S. Bancorp announced the pending acquisition of the
San Diego San Diego ( , ; ) is a city on the Pacific Ocean coast of Southern California located immediately adjacent to the Mexico–United States border. With a 2020 population of 1,386,932, it is the List of United States cities by population, eigh ...
-based Bank of Commerce with its 10 branch offices for $314 million in stock. The acquisition was finalized in July 1999. In May 1999, U.S. Bancorp announced the pending acquisition of the
Newport Beach, California Newport Beach is a coastal city in South Orange County, California. Newport Beach is known for swimming and sandy beaches. Newport Harbor once supported maritime industries however today, it is used mostly for recreation. Balboa Island, Newport ...
-based Western Bancorp with its Santa Monica Bank and Southern California Bank subsidiaries and a total of 31 branch offices for $904 million in stock. At the time of the announcement, U.S. Bancorp had 98 branch offices within California. The acquisition was finalized in November 1999 for $1.04 billion in stock. In July 1999, Philip G. Heasley was appointed president and chief operating officer of U.S. Bancorp. John Grundhofer had handed over the position of president to Heasley while still retaining the titles of chairman and chief executive officer. Heasley had assisted Grundhofer in turning the company around from near insolvency when the company was originally known as First Bank until it became a successful financial institution that became large enough to be absorb other banks, including U.S. Bancorp of Oregon in 1997. Heasley resigned the following year to join
Bank One Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, ...
as the head of their
First USA Bank One Corporation was an American bank founded in 1968 and at its peak the sixth-largest bank in the United States. It traded on the New York Stock Exchange under the stock symbol ONE. The company merged with JPMorgan Chase & Co. on July 1, 2 ...
credit card unit around the same time Firstar was about to takeover U.S. Bancorp. In September 1999, U.S. Bancorp announced the pending acquisition of the San Diego-based Peninsula Bank with its 11 branch offices for $104 million in stock. In early January 2000, a group of Peninsula Bank stockholders tried to stop the merger because the initial merger agreement was made prior to the huge 27% single-day drop in the value of U.S. Bancorp stock which effectively lowered the purchase price. The acquisition was later completed in January 2000 at a 10% reduction of the original price negotiated. In June 2000, U.S. Bancorp announced the acquisition of the San Diego-based Scripps Financial Corporation with its nine-branch office Scripps Bank subsidiary for $155 million in stock. The acquisition was completed in October 2000.


Firstar era

In October 2000,
Firstar Corporation Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that existed from 1853 to 2001. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis. History Firstar was founde ...
of
Milwaukee, Wisconsin Milwaukee ( ), officially the City of Milwaukee, is both the most populous and most densely populated city in the U.S. state of Wisconsin and the county seat of Milwaukee County, Wisconsin, Milwaukee County. With a population of 577,222 at th ...
, announced the pending acquisition of U.S. Bancorp for $21 billion in stock. The merger was completed on February 27, 2001. While Firstar was the nominal survivor, the merged company took the U.S. Bancorp name and moved to old U.S. Bancorp's headquarters in Minneapolis. Under the merger agreement,
Jerry Grundhofer Jerry Grundhofer (born 1945) is the former CEO and Chairman of U.S. Bancorp. Education He graduated from Seattle University in 1965. Career Jerry was a vice president of Security Pacific Bank and Bank of America in the early 1990s. He left ...
, president and chief executive officer of Firstar, would continue in those positions in the combined company while his older brother,
John Grundhofer John F. Grundhofer (January 1, 1939 – January 24, 2021) was a director of Donaldson Company, Securian Financial Group Inc., and BJ's Restaurant & Brewery. He served as Chairman (1990–1997 and 1999–2002), Chief Executive Officer (1990–2001) ...
, chairman, president and chief executive officer of U.S. Bancorp, would serve as chairman of the board in the combined company until his planned retirement on December 31, 2002. The merged company retained some administrative functions in Milwaukee and Cincinnati. To allow the merger to proceed, the
U.S. Department of Justice The United States Department of Justice (DOJ), also known as the Justice Department, is a federal executive department of the United States government tasked with the enforcement of federal law and administration of justice in the United State ...
required Firstar to sell 11 branch offices in the Minneapolis-area and 2 in
Council Bluffs, Iowa Council Bluffs is a city in and the county seat of Pottawattamie County, Iowa, Pottawattamie County, Iowa, United States. The city is the most populous in Southwest Iowa, and is the third largest and a primary city of the Omaha–Council Bluffs ...
.
Bremer Bank The Otto Bremer Trust is a private charitable trust located in St. Paul, Minnesota. It was founded by Otto Bremer in 1944 and owns 92 percent of Bremer Bank. In 2016, the Trust made a record $47 million in grants and program-related investment ...
of
Saint Paul, Minnesota Saint Paul (abbreviated St. Paul) is the List of capitals in the United States, capital of the U.S. state of Minnesota and the county seat of Ramsey County, Minnesota, Ramsey County. Situated on high bluffs overlooking a bend in the Mississip ...
, purchased the 11 Minneapolis-area Firstar offices while Liberty Bank of
West Des Moines, Iowa West Des Moines is a city in Polk County, Iowa, Polk, Dallas County, Iowa, Dallas, Warren County, Iowa, Warren, and Madison County, Iowa, Madison counties in the U.S. state of Iowa. A majority of the city is located in Polk County, a minority of ...
, purchased the 2 Council Bluffs offices.


Brief history of Firstar prior to acquisition

Firstar Corporation traced its roots to the founding of the Farmer's and Millers Bank in Milwaukee in 1853, which by 1919 evolved into First Wisconsin National Bank. However, the Firstar that took over U.S. Bancorp in 2001 was actually the same company and leadership that acquired Firstar 27 months earlier in 1998, namely
Star Banc Corporation Star Banc Corporation was a Cincinnati, Ohio-based regional bank holding company that acquired Firstar in 1998 and took the Firstar name; the merged bank acquired U.S. Bancorp in 2001 and took the U.S. Bancorp name. The company can trace its orig ...
. That bank, in turn, traced its roots to the founding of First National Bank of Cincinnati in 1863. Jerry Grundhofer and his team from Star Banc were instrumental in both acquisitions. Present-day U.S. Bancorp retains Star Banc's pre-1998 stock price history. As mentioned above, it claims 1863 as its founding date, and operates under the charter originally granted to First National Bank of Cincinnati. Additionally, all SEC filings before 1998 are under Star Banc, and all filings from 1998 to 2000 are under Firstar.


U.S. Bancorp after takeover by Firstar

In April 2001, the new U.S. Bancorp announced the pending acquisition of all 20 branch offices in California of the Encino-based
Pacific Century Bank The Bank of Hawaii Corporation ( haw, Panakō o Hawaii; abbreviated BOH) is a regional commercial bank headquartered in Honolulu, Hawaii. It is Hawaii's second oldest bank and its largest locally owned bank in that the majority of the voting sto ...
from its
Honolulu Honolulu (; ) is the capital and largest city of the U.S. state of Hawaii, which is in the Pacific Ocean. It is an unincorporated county seat of the consolidated City and County of Honolulu, situated along the southeast coast of the island ...
-based parent Pacific Century Financial Corporation. The acquisition was completed in September 2001. In July 2002, U.S. Bancorp announced the pending acquisition of all 57 retail banking branches of the
San Mateo, California San Mateo ( ; ) is a city in San Mateo County, California, on the San Francisco Peninsula. About 20 miles (32 km) south of San Francisco, the city borders Burlingame to the north, Hillsborough to the west, San Francisco Bay and Foster C ...
-based
Bay View Bank Bay View Bank was a San Mateo, California, based bank which, at its height, operated 58 branches across the San Francisco Bay Area. It was one of the largest locally based banks in the San Francisco market. It had $3.03 billion in combined total d ...
from its
Bay View Capital Corporation Bay View Bank was a San Mateo, California, based bank which, at its height, operated 58 branches across the San Francisco Bay Area. It was one of the largest locally based banks in the San Francisco market. It had $3.03 billion in combined total d ...
parent for $429 million. The acquisition was completed in November 2002. On New Years Day 2003, John Grundhofer retired as chairman of U.S. Bancorp and handed the position to his younger brother Jerry Grundhofer, who added the title of chairman to his other positions of president and chief executive officer in the corporation. In May 2004, U.S. Bancorp announced that it was acquiring the $34 billion corporate trust bond administration business from
National City Corporation National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary Nat ...
. In October 2004,
Richard K. Davis Richard K. Davis (born 1958) is an American businessman. Since January 2, 2019 Davis has served as the chief executive officer of Make-A-Wish America, having previously served as Executive Chairman and President of U.S. Bancorp. Biography Davis ...
was appointed chief operating officer and president of U.S. Bancorp. Jerry Grundhofer had handed over the position of president to Davis while still retaining the titles of chairman and chief executive officer. Davis had been a protege of Grundhofer since their days together at Star Banc Corporation and had assisted in the takeover of Firstar by Star Banc in 1998 and the later acquisition of U.S. Bancorp by Firstar in 2001. U.S. Bancorp acquired Genpass along with its MoneyPass ATM network subsidiary for an undisclosed amount in May 2005. In November 2005, U.S. Bancorp announced that it was acquiring the $410 billion corporate trust and institutional custody businesses of
Wachovia Corporation Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total asse ...
for $720 million in cash. In July 2006, U.S. Bancorp announced that it was acquiring the $123 billion municipal and corporate bond trustee business from
SunTrust SunTrust Banks, Inc. was an American bank holding company with SunTrust Bank as its largest subsidiary and assets of US$199 billion as of March 31, 2018. The bank's most direct corporate parent was established in 1891 in Atlanta, where it was h ...
. In June 2006, U.S. Bancorp announced the pending acquisition of the
Avon, Colorado Avon is a home rule municipality located in Eagle County, Colorado, United States. The town population was 6,072 at the 2020 United States Census. The town is a part of the Edwards, CO Micropolitan Statistical Area. Avon is the gateway to the B ...
-based Vail Banks Inc. with its WestStar Bank subsidiary and 23 locations for $98.6 million in cash. The acquisition was completed in September 2006. In November 2006, U.S. Bancorp announced that it was acquiring the $30 billion municipal bond trustee business from
LaSalle Bank LaSalle Bank Corporation was the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. (formerly Standard Federal Bank). With US$116 billion in assets, it was headquartered at 135 South LaSalle Street in Chicago, Illinois. LaSa ...
. In November 2006, U.S. Bancorp announced the pending acquisition of the
Great Falls, Montana Great Falls is the third most populous city in the U.S. state of Montana and the county seat of Cascade County. The population was 60,442 according to the 2020 census. The city covers an area of and is the principal city of the Great Falls, M ...
-based United Financial Corporation with its Heritage Bank subsidiary for $71 million in stock. The acquisition was completed in February 2007 and nearly double the branch presence of U.S. Bank in Montana. In December 2006, Jerry Grundhofer handed over the position of chief executive officer to president Richard Davis while Grundhofer remained chairman until his retirement the following year in December 2007. After Grundhofer retirement in December 2007, Davis added the position of chairman to his other titles of president and chief executive officer. In March 2008, the U.S. Bancorp announced the pending acquisition of the seven-office Los Angeles-based Mellon 1st Business Bank from the
Bank of New York Mellon The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American investment banking services holding company headquartered in New York City. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financ ...
for an undisclosed amount in cash. The acquisition was completed in June 2008. On November 14, 2008, the
U.S. Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States, where it serves as an executive department. The department oversees the Bureau of Engraving and Printing and t ...
invested $6,599,000,000 in preferred stock and warrants in the company via the
Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008, often called the "bank bailout of 2008", was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and signed into law by President George W. Bush. It became ...
. Weeks earlier, U.S. Bancorp has entered into acquisition talks with National City Corp. and had made an offer to buy National City until
PNC Financial Services The PNC Financial Services Group, Inc. (stylized as PNC) is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 U.S. state, states and the D ...
used its portion of TARP funds to outbid U.S. Bancorp and
acquire ''Acquire'' is a multi-player mergers and acquisitions themed board game. It is played with tiles representing hotels that are arranged on the board, play money and stock certificates. The object of the game is to earn the most money by developi ...
National City instead. Had National City accepted U.S. Bancorp's offer, U.S. Bancorp would have expanded into
Florida Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...
,
Michigan Michigan () is a state in the Great Lakes region of the upper Midwestern United States. With a population of nearly 10.12 million and an area of nearly , Michigan is the 10th-largest state by population, the 11th-largest by area, and the ...
and
Pennsylvania Pennsylvania (; ( Pennsylvania Dutch: )), officially the Commonwealth of Pennsylvania, is a state spanning the Mid-Atlantic, Northeastern, Appalachian, and Great Lakes regions of the United States. It borders Delaware to its southeast, ...
(three states that as of 2021 still don't have a retail presence from U.S. Bancorp), but major divestments would've been made in
Midwestern The Midwestern United States, also referred to as the Midwest or the American Midwest, is one of four census regions of the United States Census Bureau (also known as "Region 2"). It occupies the northern central part of the United States. I ...
states, especially
Ohio Ohio () is a state in the Midwestern region of the United States. Of the fifty U.S. states, it is the 34th-largest by area, and with a population of nearly 11.8 million, is the seventh-most populous and tenth-most densely populated. The sta ...
. On November 21, 2008, the company acquired the failed Downey Savings & Loan Association and also the failed Pomona First Federal Bancorp in a transaction facilitated by the
Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...
for an undisclosed amount. Downey Savings had 170 branch offices in California and five branch offices in Arizona while PFF Bank had 38 branch offices in Southern California. In April 2009, U.S. Bancorp acquired the assets and deposits of the failed
Ketchum, Idaho Ketchum is a city in Blaine County, Idaho, located in the central part of the state. The population was 3,555 at the 2020 census, up from 2,689 in 2010. Located in the Wood River Valley, Ketchum is adjacent to Sun Valley and the communities sh ...
-based First Bank of Idaho in a transaction facilitated by the FDIC. First Bank of Idaho had seven offices in Idaho and Wyoming, some of which operated under the name First Bank of the Tetons. On June 17, 2009, the company 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 The Capital Purchase Program or CPP is a preferred stock and equity warrant purchase program conducted by the US Treasury Office of Financial Stability as part of Troubled Asset Relief Program (aka, TARP). According to the first congressionally man ...
. It was the first bank to repay the
Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President G ...
(TARP) funds. On October 5, 2009, the company announced its acquisition of the $8 billion mutual fund administration and accounting servicing division of Fiduciary Management, Inc. for an undisclosed amount. On October 7, 2009, the company agreed to buy the bond trustee business of First Citizens Bank, a subsidiary of
First Citizens BancShares First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina. Its primary subsidiary is First Citizens Bank. It is on the list of largest banks in the United States. As of December 31, 2019, the company operated 57 ...
Inc. for an undisclosed amount. On October 20, 2009, the company completed a transaction to purchase the failed
FBOP Corporation FBOP Corporation was a financial services company based in Oak Park, Illinois, United States. As of mid-2009, it had $18.5 billion in assets and was the 46th largest bank holding company in the United States. On October 30, 2009, FBOP's banking ...
's nine subsidiary banks from the FDIC for an undisclosed amount. The banks included BankUSA, National Association with 2 offices in Arizona, Cal National Bank with 68 offices in California, Citizens National Bank with 1 office in Texas, Community Bank of Lemont with 1 office in Illinois, Madisonville State Bank with 1 office in Texas, North Houston Bank with 1 office in Texas, Pacific National Bank with 17 offices in California, Park National Bank with 31 offices in Illinois, and San Diego National Bank with 28 offices in California. Since the company did not have a previous presence in Texas nor want one in the near future, the company subsequently sold the three banks in Texas in 2010 to Houston-based Prosperity Bancshares for an undisclosed amount. Each of the banks had one office each. In October 2009, BB&T Corporation (now
Truist Financial Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks. Its b ...
) announced the pending sale of its Nevada banking operations to U.S. Bancorp for an undisclosed amount. BB&T had just acquired the 21 offices in Nevada through a transaction facilitated by the FDIC for disposal of the assets and deposits of the failed Alabama-based Colonial BancGroup but BB&T had no desire to expand west of Texas while it wanted to keep the other Colonial former locations in the Southeastern United States. The acquisition was completed in January 2010. In July 2010, U.S. Bancorp sold its
FAF Advisors Nuveen is an American asset manager and wholly owned subsidiary of financial planning firm TIAA, itself known for its legacy focus on managing money for not-for-profit institutions such as universities and their employees. As a consequence of int ...
subsidiary to
Nuveen Investments Nuveen is an American asset manager and wholly owned subsidiary of financial planning firm TIAA, itself known for its legacy focus on managing money for not-for-profit institutions such as universities and their employees. As a consequence of int ...
for $80 million and a 9.5% stake in Nuveen. In 2010,
Huntington Bancshares Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. The company is ranked 521st on the Fortune 500, and is 26th on the list of largest banks in the United States. The company's banking sub ...
announced it would take over the leases of bank branches inside
Giant Eagle Giant Eagle, Inc. (Western Pennsylvania English: ) and stylized as giant eagle) is an American supermarket chain with stores in Pennsylvania, Ohio, West Virginia, Indiana, and Maryland. The company was founded in 1918 in Pittsburgh, Pennsylv ...
locations in Ohio, largely replacing U.S. Bancorp but also replacing branches from
FirstMerit Corporation FirstMerit Corporation was a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $26.2 billion as of June 30, 2016, and 359 banking offices and 400 ATM locations in Ohio, Michigan, Wisconsin, Illinoi ...
(which itself would be acquired by Huntington in 2016) and
Citizens Financial Group Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsyl ...
; the deal didn't affect Citizens branches inside Giant Eagle locations in Pennsylvania. The deal mostly didn't affect U.S. Bancorp, but it did lead to the withdrawal from the
Youngstown, Ohio Youngstown is a city in the U.S. state of Ohio, and the largest city and county seat of Mahoning County, Ohio, Mahoning County. At the 2020 United States census, 2020 census, Youngstown had a city population of 60,068. It is a principal city of ...
market since U.S. Bancorp's only branches in the area were inside Giant Eagle locations; the branches had been a holdover from the Firstar days. By 2020, U.S. Bancorp had organically become Ohio's largest bank by deposits despite not having a presence in the Youngstown and Toledo markets and ahead of major banks based in Ohio (Huntington,
Fifth Third Bank Fifth Third Bank (5/3 Bank), the principal subsidiary of Fifth Third Bancorp is an American bank holding company headquartered in Cincinnati, Ohio. Fifth Third is one of the largest consumer banks in the Midwestern United States, Fifth Third B ...
&
KeyBank KeyBank, the primary subsidiary of KeyCorp, is a regional bank headquartered in Cleveland, Ohio, and is the only major bank based in Cleveland. KeyBank is one of the largest banks in the United States. Key's customer base spans retail, small b ...
), PNC Bank, and
Chase Bank JPMorgan Chase Bank, N.A., doing business as Chase Bank or often as Chase, is an American national bank headquartered in New York City, that constitutes the consumer and commercial banking subsidiary of the U.S. multinational banking and fina ...
. In January 2011, U.S. Bancorp acquired the assets and deposits of the failed First Community Bank of New Mexico in a transaction facilitated by the FDIC for an asset discount of approximately $380 million. The acquisition had included 35 offices in New Mexico and 3 offices in Arizona. In January 2012, the company acquired the assets and deposits of the failed
Knoxville, Tennessee Knoxville is a city in and the county seat of Knox County, Tennessee, Knox County in the U.S. state of Tennessee. As of the 2020 United States census, Knoxville's population was 190,740, making it the largest city in the East Tennessee Grand Di ...
-based BankEast in a transaction facilitated by the FDIC for an asset discount of approximately $67.5 million. The acquisition had included 10 offices in the Knoxville area. In March 2013, U.S. Bancorp announced that it was acquiring the $57 billion municipal bond trustee business from
Deutsche Bank Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
. In January 2014, U.S. Bancorp announced the pending acquisition of 94 branch offices of the
Charter One Bank Citizens Financial Group, Inc. is an American bank headquartered in Providence, Rhode Island, which operates in the states of Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsy ...
in Chicago from the RBS Citizens Financial Group for $315 million, doubling its market share in Chicago. 13 Charter One branches were closed due to their close proximity to existing U.S. Bank offices. The acquisition was completed in June 2014. In January 2015, chief financial officer Andrew Cecere was promoted to chief operating officer. A year later, Cecere was given the additional position of president. In January 2017, U.S. Bancorp announced that chairman and CEO Richard Davis was going to hand over his CEO position to president and COO Andrew Cecere in April 2017 while remaining as chairman. Davis officially retired from the company in April 2018 and Cecere became chairman, president and CEO. In February 2018, the bank was charged by the Department of Justice with failing to implement measures preventing illegal activities, including one case of abetting. U.S. Bancorp agreed to pay $613 million in fines and implement measures to improve the monitoring of its customer transactions. In September 2018, $505 million was distributed to customers of an illegal payday loan business whose suspicious activities US Bancorp had failed to report. In September 2018,
Fiserv Fiserv, Inc. () is an American multinational company headquartered in Brookfield, Wisconsin that provides financial technology services to clients across the financial services sector, including: banks, thrifts, credit unions, securities broker ...
announced that it would acquire MoneyPass from US Bancorp for $690 million. The deal was finalized in March 2019. The sale did not include Elan's credit card division, which issued some of the most prominent cards including
Fidelity Fidelity is the quality of faithfulness or loyalty. Its original meaning regarded duty in a broader sense than the related concept of ''fealty''. Both derive from the Latin word ''fidēlis'', meaning "faithful or loyal". In the City of London f ...
, BMW and
Mercedes Benz Mercedes-Benz (), commonly referred to as Mercedes and sometimes as Benz, is a German luxury and commercial vehicle automotive brand established in 1926. Mercedes-Benz AG (a Mercedes-Benz Group subsidiary established in 2019) is headquartere ...
. In December 2019, the bank dismissed Emily James, a Portland, Ore., call-center employee, and her supervisor, after James gave $20 of her own money to Marc Eugenio. On Christmas Eve, Eugenio ran out of gasoline and cash, and he was stranded at a gas station when his U.S. Bank debit card was rejected because funds he had deposited two days earlier had not yet been released into his account. After an unsuccessful attempt to release the funds, James met Eugenio at the gas station during her break and offered him $20 from her own pocket as a Christmas Eve act of kindness. She was fired from her job for violating company policy, but rehired after an investigation prompted by an article from Nicolas Kristof was published in ''
The New York Times ''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
''. In May 2020, the US Bancorp Center in downtown Minneapolis was damaged by rioting during the
George Floyd protests in Minneapolis–Saint Paul Local protests over the murder of George Floyd (sometimes called the Minneapolis riots or Minneapolis uprising) began on May 26, 2020, and quickly inspired a global protest movement against police brutality and racial inequality. The initial ...
. Two other bank branch locations on East Lake Street in Minneapolis were destroyed by
arson Arson is the crime of willfully and deliberately setting fire to or charring property. Although the act of arson typically involves buildings, the term can also refer to the intentional burning of other things, such as motor vehicles, wat ...
. US Bancorp rebuilt the damaged branch location at 919 East Lake Street and donated the property at 2800 East Lake Street for redevelopment as an affordable housing project. On September 21, 2021, U.S. Bancorp agreed to purchase MUFG Union Bank's consumer business for $8 billion. It is the bank's biggest deal since 2001 when it merged with Milwaukee-based Firstar Corp. for $21 billion. The deal with MUFG Union Bank will add $58 billion in loans to U.S. Bancorp's current base of $294 billion and will give U.S. Bancorp a large presence on the U.S. West Coast, especially California. The combined bank will have $723 billion in assets. U.S. regulatory approval for the merger was announced on October 16 of 2022, and was completed as of December 1, 2022. The deal is scheduled to close by the end of 2022. In May 2022, Bancorp announced a five-year community benefits plan, developed in coordination with the NCRC and the CRC as part of the planned acquisition of MUFG Union Bank. The $100 billion community plan is set over five years and is focusing on supporting equitable access to capital for low- and moderate-income communities and communities of color.


Notable corporate buildings

* U.S. Bank Center in
Phoenix, Arizona Phoenix ( ; nv, Hoozdo; es, Fénix or , yuf-x-wal, Banyà:nyuwá) is the List of capitals in the United States, capital and List of cities and towns in Arizona#List of cities and towns, most populous city of the U.S. state of Arizona, with 1 ...
*
U.S. Bank Tower U.S. Bank Tower, known locally as the Library Tower and formerly as the First Interstate Bank World Center, is a skyscraper in downtown Los Angeles, California. It is, by structural height, the third-tallest building in California, the seco ...
in
Sacramento, California ) , image_map = Sacramento County California Incorporated and Unincorporated areas Sacramento Highlighted.svg , mapsize = 250x200px , map_caption = Location within Sacramento ...
*
One California One California is a , 32-storey, story office skyscraper completed in 1969 in the Financial District, San Francisco, Financial District of San Francisco, California. It is the List of tallest buildings in San Francisco, 31st-tallest building in ...
in
San Francisco, California San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...
, sports the U.S. Bank logo and houses bank offices *
U.S. Bank Tower U.S. Bank Tower, known locally as the Library Tower and formerly as the First Interstate Bank World Center, is a skyscraper in downtown Los Angeles, California. It is, by structural height, the third-tallest building in California, the seco ...
in
Los Angeles, California Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world' ...
, the third tallest building west of the
Mississippi River The Mississippi River is the second-longest river and chief river of the second-largest drainage system in North America, second only to the Hudson Bay drainage system. From its traditional source of Lake Itasca in northern Minnesota, it f ...
*
U.S. Bank Tower U.S. Bank Tower, known locally as the Library Tower and formerly as the First Interstate Bank World Center, is a skyscraper in downtown Los Angeles, California. It is, by structural height, the third-tallest building in California, the seco ...
in
Denver, Colorado Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...
* U.S. Bank Plaza in
Boise, Idaho Boise (, , ) is the capital and most populous city of the U.S. state of Idaho and is the county seat of Ada County. On the Boise River in southwestern Idaho, it is east of the Oregon border and north of the Nevada border. The downtown are ...
*U.S. Bank Building in
Chicago, Illinois (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...
* U.S. Bank Building in
Davenport, Iowa Davenport is a city in and the county seat of Scott County, Iowa, United States. Located along the Mississippi River on the eastern border of the state, it is the largest of the Quad Cities, a metropolitan area with a population of 384,324 and a ...
*U.S. Bank Building in
Duluth, Minnesota , settlement_type = City , nicknames = Twin Ports (with Superior), Zenith City , motto = , image_skyline = , image_caption = Clockwise from top: urban Duluth skyline; Minnesota ...
* U.S. Bancorp Center in Minneapolis, Minnesota * U.S. Bank Plaza in Minneapolis, Minnesota *U.S. Bank Center in St. Paul, Minnesota * One U.S. Bank Plaza in
St. Louis, Missouri St. Louis () is the second-largest city in Missouri, United States. It sits near the confluence of the Mississippi River, Mississippi and the Missouri Rivers. In 2020, the city proper had a population of 301,578, while the Greater St. Louis, ...
*U.S. Bank Building in
Billings, Montana Billings is the largest city in the U.S. state of Montana, with a population of 117,116 as of the 2020 census. Located in the south-central portion of the state, it is the seat of Yellowstone County and the principal city of the Billings Metrop ...
*U.S. Bank Tower in
Lincoln, Nebraska Lincoln is the capital city of the U.S. state of Nebraska and the county seat of Lancaster County. The city covers with a population of 292,657 in 2021. It is the second-most populous city in Nebraska and the 73rd-largest in the United Sta ...
*U.S. Bank Center in
Las Vegas, Nevada Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vegas ...
*U.S. Bank Tower in
Cincinnati, Ohio Cincinnati ( ) is a city in the U.S. state of Ohio and the county seat of Hamilton County. Settled in 1788, the city is located at the northern side of the confluence of the Licking and Ohio rivers, the latter of which marks the state line wit ...
*
U.S. Bank Centre U.S. Bank Center, formerly U.S. Bank Centre, is a 44-story skyscraper in Seattle, in the U.S. state of Washington. The building opened as Pacific First Centre and was constructed from 1987 to 1989. At , it is currently the eighth-tallest buildin ...
in
Cleveland, Ohio Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U.S. ...
*
U.S. Bancorp Tower The U.S. Bancorp Tower (also known as the Big Pink) is a 42-story, skyscraper in Portland, Oregon. It is the second tallest building in the city after Wells Fargo Center, and with its nearly office space, it is the largest in Oregon in terms of ...
in
Portland, Oregon Portland (, ) is a port city in the Pacific Northwest and the list of cities in Oregon, largest city in the U.S. state of Oregon. Situated at the confluence of the Willamette River, Willamette and Columbia River, Columbia rivers, Portland is ...
* U.S. Bank Building in
Sioux Falls, South Dakota Sioux Falls () is the most populous city in the U.S. state of South Dakota and the 130th-most populous city in the United States. It is the county seat of Minnehaha County and also extends into Lincoln County to the south, which continues up ...
*
U.S. Bank Centre U.S. Bank Center, formerly U.S. Bank Centre, is a 44-story skyscraper in Seattle, in the U.S. state of Washington. The building opened as Pacific First Centre and was constructed from 1987 to 1989. At , it is currently the eighth-tallest buildin ...
in
Seattle, Washington Seattle ( ) is a port, seaport city on the West Coast of the United States. It is the county seat, seat of King County, Washington, King County, Washington (state), Washington. With a 2020 population of 737,015, it is the largest city in bo ...
* U.S. Bank Building in
Spokane, Washington Spokane ( ) is the largest city and county seat of Spokane County, Washington, United States. It is in eastern Washington, along the Spokane River, adjacent to the Selkirk Mountains, and west of the Rocky Mountain foothills, south of the Cana ...
*U.S. Bank Building in
La Crosse, Wisconsin La Crosse is a city in the U.S. state of Wisconsin and the county seat of La Crosse County. Positioned alongside the Mississippi River, La Crosse is the largest city on Wisconsin's western border. La Crosse's population as of the 2020 census w ...
* U.S. Bank Center in
Milwaukee, Wisconsin Milwaukee ( ), officially the City of Milwaukee, is both the most populous and most densely populated city in the U.S. state of Wisconsin and the county seat of Milwaukee County, Wisconsin, Milwaukee County. With a population of 577,222 at th ...
*U.S. Bank Plaza in
Madison, Wisconsin Madison is the county seat of Dane County and the capital city of the U.S. state of Wisconsin. As of the 2020 census the population was 269,840, making it the second-largest city in Wisconsin by population, after Milwaukee, and the 80th-lar ...
*U.S. Bank Building in
Sheboygan, Wisconsin Sheboygan () is a city in and the county seat of Sheboygan County, Wisconsin, United States. The population was 49,929 at the 2020 census. It is the principal city of the Sheboygan, Wisconsin Metropolitan Statistical Area, which has a populatio ...


Naming rights and sponsorships

U.S. Bank owns corporate
naming rights Naming rights are a financial transaction and form of advertising or memorialization whereby a corporation, person, or other entity purchases the right to name a facility, object, location, program, or event, typically for a defined period of t ...
to the following: *
U.S. Bank Stadium U.S. Bank Stadium is an enclosed stadium located in downtown Minneapolis, Minnesota. Built on the former site of the Hubert H. Humphrey Metrodome, the indoor stadium opened in 2016 and is the home of the Minnesota Vikings of the National Footbal ...
in Minneapolis, Minnesota U.S. Bank is a sponsor of: * Denver Broncos – Official Bank of the Denver Broncos. * Minnesota Twins – Official Bank of the Minnesota Twins. * Minnesota Timberwolves – Official Partner of the Minnesota Timberwolves. * Minnesota Vikings – Official Bank of the Minnesota Vikings. * Kansas City Royals – Official Partner of the Kansas City Royals. * San Diego Padres – Official Partner of the San Diego Padres. * San Francisco 49ers – Official Bank of the San Francisco 49ers. * Utah Jazz – Official Bank of the Utah Jazz. * NHL – Official Partner of the NHL. * University of Wisconsin–Stevens Point Wisconsin–Stevens Point Pointers, Pointers – Official Partner of the University of Wisconsin-Stevens Point Pointers. * San Diego State University – Official Partner of the San Diego State University.


See also

*
John F. Grundhofer John F. Grundhofer (January 1, 1939 – January 24, 2021) was a director of Donaldson Company, Securian Financial Group Inc., and BJ's Restaurant & Brewery. He served as Chairman (1990–1997 and 1999–2002), Chief Executive Officer (1990–2001) ...
*
Richard K. Davis Richard K. Davis (born 1958) is an American businessman. Since January 2, 2019 Davis has served as the chief executive officer of Make-A-Wish America, having previously served as Executive Chairman and President of U.S. Bancorp. Biography Davis ...


References


External links

*
Map of Locations
{{Online brokerages U.S. Bancorp, Banks based in Minnesota Minneapolis American companies established in 1891 Banks established in 1891 Economy of the Midwestern United States Economy of the Northeastern United States Economy of the Northwestern United States Economy of the Southeastern United States Economy of the Southwestern United States Companies listed on the New York Stock Exchange Companies based in Minneapolis 1891 establishments in Oregon Online brokerages Primary dealers Subprime mortgage lenders Systemically important financial institutions Investment banks in the United States Mortgage lenders of the United States Rogue trading banks Subprime mortgage crisis