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U.S. Bancorp (stylized as us bancorp) is an American multinational financial services firm headquartered in
Minneapolis, Minnesota Minneapolis is a city in Hennepin County, Minnesota, United States, and its county seat. With a population of 429,954 as of the 2020 United States census, 2020 census, it is the state's List of cities in Minnesota, most populous city. Locat ...
and incorporated in
Delaware Delaware ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic and South Atlantic states, South Atlantic regions of the United States. It borders Maryland to its south and west, Pennsylvania to its north, New Jersey ...
. It is the 5th-largest bank in the United States as of 2025. As the largest bank in the
Midwestern United States The Midwestern United States (also referred to as the Midwest, the Heartland or the American Midwest) is one of the four census regions defined by the United States Census Bureau. It occupies the northern central part of the United States. It ...
, it is considered systemically important 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 in the 2009 G20 Pittsburgh Summit as a successor to the Financial Stability Forum (FSF) ...
. It is the parent company of its primary operating entity, U.S. Bank National Association, which does business as U.S. Bank. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. The firm's early history can be traced to 1891, operating under the second-oldest banking charter 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 chartered at the federal level, and created the United States National Banking System. They encouraged developmen ...
. Since inception dozens of regional mergers and acquisitions throughout the
Upper Midwest The Upper Midwest is a northern subregion of the U.S. Census Bureau's Midwestern United States. Although the exact boundaries are not uniformly agreed upon, the region is usually defined to include the states of Iowa, Michigan, Minnesota and Wi ...
and
Western United States The Western United States (also called the American West, the Western States, the Far West, the Western territories, and the West) is List of regions of the United States, census regions United States Census Bureau. As American settlement i ...
led to the creation of modern U.S. Bancorp. As a diversified holding company, U.S. Bancorp has acquired multiple subsidiaries since the late 2010s. Its retail credit card offerings are provided via the Visa network in the U.S. and abroad. U.S. Bancorp's annual revenue levels have it ranked on the
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, with its public stock trading within both the
S&P 500 The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...
and
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indexes. It was included in the 2024
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for its sales, profitability, asset base, and market value, among other financial institutions. U.S. Bancorp sponsors a variety of cultural events, transportation hubs, and sporting venues, including U.S. Bank Stadium. U.S. Bank is one of the largest asset custodians in the country with $6.7 trillion under administration, including, as of 2021, digital assets.


History

The U.S. Bank name first appeared as United States National Bank of Portland, established in
Portland, Oregon Portland ( ) is the List of cities in Oregon, most populous city in the U.S. state of Oregon, located in the Pacific Northwest region. Situated close to northwest Oregon at the confluence of the Willamette River, Willamette and Columbia River, ...
, 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 northern subregion of the U.S. Census Bureau's Midwestern United States. Although the exact boundaries are not uniformly agreed upon, the region is usually defined to include the states of Iowa, Michigan, Minnesota and Wi ...
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 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 founded ...
. In
Cincinnati Cincinnati ( ; colloquially nicknamed Cincy) is a city in Hamilton County, Ohio, United States, and its county seat. Settled in 1788, the city is located on the northern side of the confluence of the Licking River (Kentucky), Licking and Ohio Ri ...
, 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 Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...
, 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 corporate charter, charter, bank regulation ...
on November 28, 1968. LeRoy B. Staver, president, and chief executive officer of the bank, was 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, Oregon, 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 ...
-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 ) 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 most populous city in eastern Washington and the county seat of Spokane County, Washington, United States. It lies along the Spokane River, adjacent to the Selkirk Mountains, and west of the Rocky Mountain foothills, south o ...
-based Old National Bancorp with its Old National Bank of Washington and First National Bank of Spokane subsidiaries for $174 million (~$ in ). 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 ). In May 1987, U.S. Bancorp of Oregon announced the pending acquisition of the
Seattle, Washington Seattle ( ) is the List of municipalities in Washington, most populous city in the U.S. state of Washington (state), Washington and in the Pacific Northwest region of North America. With a population of 780,995 in 2024, it is the List of Unit ...
-based Peoples Bancorp with its Peoples National Bank subsidiary for $275 million (~$ in ) 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 county seat of Whatcom County, Washington, Whatcom County in the U.S. state of Washington (state), Washington. It lies south of the Canada–United States border, U.S.–Canada border, between Vancouver, British Columbia, ...
-based Mt Baker Bank for $25 million (~$ in ). U.S. Bancorp of Oregon entered the state of
California California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...
by announcing in April 1988 the pending acquisition of the
Eureka, California Eureka ( ; Wiyot: ; Hupa: ; ) is a city and the county seat of Humboldt County, located on the North Coast of California. The city is located on U.S. Route 101 on the shores of Humboldt Bay, north of San Francisco and south of the Oreg ...
-based Bank of Loleta with seven branch offices in Humboldt and Del Norte counties for $15.3 million (~$ in ) 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 county seat of Whatcom County, Washington, Whatcom County in the U.S. state of Washington (state), Washington. It lies south of the Canada–United States border, U.S.–Canada border, between Vancouver, British Columbia, ...
-based Northwestern Commercial Bank for $15.5 million (~$ in ). The acquisition was completed in November 1988. In July 1988, U.S. Bancorp of Oregon announced the pending acquisition of the
Auburn, Washington Auburn is a city in King County, Washington, King County, Washington (state), Washington, United States (with a small portion crossing into neighboring Pierce County, Washington, Pierce County). The population was 87,256 at the 2020 United States ...
-based Western Independent Bancshares with its Auburn Valley Bank subsidiary for $4.25 million (~$ in ) in cash. In October 1989, U.S. Bancorp of Oregon announced the pending acquisition of the
Sacramento, California Sacramento ( or ; ; ) is the List of capitals in the United States, capital city of the U.S. state of California and the county seat, seat of Sacramento County, California, Sacramento County. Located at the confluence of the Sacramento Rive ...
-based Mother Lode Savings Bank with three branch offices for $5.3 million (~$ in ). 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 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 corporate charter, charter, bank regulation ...
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 ( ; ) is a city and the county seat of Kootenai County, Idaho, United States. It is the most populous city in North Idaho and the principal city of the Coeur d'Alene Metropolitan Statistical Area. The population was 54,628 at th ...
. 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 United States census, 2020 census. Auburn is known for its California Gold Rush history and is registered as a Califo ...
-based HeartFed Financial Corporation with its Heart Federal Savings and Loan subsidiary for $107.8 million (~$ in ) 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 ). 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 Northern California (commonly shortened to NorCal) is a geocultural region that comprises the northern portion of the U.S. state of California, spanning the northernmost 48 of the state's List of counties in California, 58 counties. Northern Ca ...
and 29 branch offices in
Nevada Nevada ( ; ) is a landlocked state in the Western United States. It borders Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. Nevada is the seventh-most extensive, th ...
for $70 million (~$ in ) that were being divested by Bankamerica Corporation as a result of Bank of America's impending acquisition of Security Pacific Corporation. 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. () is an American multinational payment card services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit c ...
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 List of capitals in the United States, capital and List of cities in Idaho, most populous city of the U.S. state of Idaho. As of the 2020 United States census, 2020 census, there were 235,685 people residing in the city. Loca ...
-based West One Bancorp for $1.8 billion (~$ in ). 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 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 language, Spanish: ''San Ramón'', meaning "Saint 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 th ...
-based California Bancshares for $309 million (~$ in ) 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-based Sun Capital Bancorp with its three-branch office Sun Capital Bank subsidiary for $15.5 million (~$ in ). The acquisition was completed in January 1997. In December 1996, U.S. Bancorp of Oregon announced the pending acquisition of the
Sacramento, California Sacramento ( or ; ; ) is the List of capitals in the United States, capital city of the U.S. state of California and the county seat, seat of Sacramento County, California, Sacramento County. Located at the confluence of the Sacramento Rive ...
-based Business & Professional Bank for $35 million (~$ in ) in cash. The acquisition was completed in May 1997.


First Bank System era

In March 1997, the
Minneapolis Minneapolis is a city in Hennepin County, Minnesota, United States, and its county seat. With a population of 429,954 as of the 2020 United States census, 2020 census, it is the state's List of cities in Minnesota, most populous city. Locat ...
,
Minnesota Minnesota ( ) is a U.S. state, state in the Upper Midwestern region of the United States. It is bordered by the Canadian provinces of Manitoba and Ontario to the north and east and by the U.S. states of Wisconsin to the east, Iowa to the so ...
-based First Bank System announced the pending acquisition of U.S. Bancorp of Oregon for $9 billion (~$ in ) 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, 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 prohibited such actions. First Bank Stock Corporation was renamed First Bank System Inc. in 1968.


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-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 (state), Washington, located in Clark County, Washington, Clark County. Founded in 1825 and incorporated in 1857, Vancouver had a population of 190, ...
-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 requested 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 coast of Southern California, adjacent to the Mexico–United States border. With a population of over 1.4 million, it is the List of United States cities by population, eighth-most populous city in t ...
-based Bank of Commerce with its 10 branch offices for $314 million (~$ in ) in stock. The acquisition was finalized in July 1999. r In May 1999, U.S. Bancorp announced the pending acquisition of the
Newport Beach, California Newport Beach is a coastal city of about 85,000 in southern Orange County, California, United States. Located about southeast of downtown Los Angeles, Newport Beach is known for its sandy beaches. The city's harbor once supported maritime indu ...
-based Western Bancorp with its Santa Monica Bank and Southern California Bank subsidiaries and a total of 31 branch offices for $904 million (~$ in ) 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 ) 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 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 ) 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 ) 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 founded ...
of
Milwaukee, Wisconsin Milwaukee is the List of cities in Wisconsin, most populous city in the U.S. state of Wisconsin. Located on the western shore of Lake Michigan, it is the List of United States cities by population, 31st-most populous city in the United States ...
, announced the pending acquisition of U.S. Bancorp for $21 billion (~$ in ) 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, president and chief executive officer of Firstar, would continue in those positions in the combined company while his older brother, John Grundhofer, 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 U.S. government that oversees the domestic enforcement of federal laws and the administration of justice. It is equi ...
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 population was 62,799 at the 2020 United States census, 2020 census, making it the state's List of cities in Iowa, te ...
. Bremer Bank of
Saint Paul, Minnesota Saint Paul (often abbreviated St. Paul) is the List of capitals in the United States, capital city of the U.S. state of Minnesota and the county seat of Ramsey County, Minnesota, Ramsey County. As of the 2020 United States census, 2020 census, ...
, purchased the 11 Minneapolis-area Firstar offices while Liberty Bank of
West Des Moines, Iowa West Des Moines is a city in Iowa, United States. Most of the city is in Polk County, Iowa, Polk County, some of it is in Dallas County, Iowa, Dallas County, and small portions extend into Warren County, Iowa, Warren and Madison County, Iowa, Madi ...
, 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. 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 from its
Honolulu Honolulu ( ; ) is the List of capitals in the United States, capital and most populous city of the U.S. state of Hawaii, located in the Pacific Ocean. It is the county seat of the Consolidated city-county, consolidated City and County of Honol ...
-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 the most populous city in San Mateo County, California, United States, on the San Francisco Peninsula. It is part of the San Francisco Bay Area metropolitan region, and is located about south of San Francisco. San Mateo border ...
-based Bay View Bank from its Bay View Capital Corporation parent for $429 million (~$ in ). 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 $34 billion (~$ in ) corporate trust bond administration business from National City Corporation. In October 2004, Richard K. 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 for $720 million in cash. In July 2006, U.S. Bancorp announced that it was acquiring the $123 billion (~$ in ) 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 town 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 Beaver ...
-based Vail Banks Inc. with its WestStar Bank subsidiary and 23 locations for $98.6 million (~$ in ) in cash. The acquisition was completed in September 2006. In November 2006, U.S. Bancorp announced that it was acquiring the $30 billion (~$ in ) municipal bond trustee business from LaSalle Bank. In November 2006, U.S. Bancorp announced the pending acquisition of the
Great Falls, Montana Great Falls is the List of cities and towns in Montana, third most populous city in the U.S. state of Montana and the county seat of Cascade County, Montana, Cascade County. The population was 60,442 according to the 2020 United States census, 2 ...
-based United Financial Corporation with its Heritage Bank subsidiary for $71 million (~$ in ) 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, is an American international financial services company headquartered in New York City. It was established in its current form in July 2007 by the merger of the Bank of New York an ...
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 Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments. ...
invested $6,599,000,000 (~$ in ) in preferred stock and warrants in the company via the
Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing fi ...
. Weeks earlier, U.S. Bancorp has entered into acquisition talks with
National City Corp. National City Corporation was a regional bank holding company based in Cleveland, Ohio, 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 National Ci ...
and had made an offer to buy National City until
PNC Financial Services The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 ...
used its portion of TARP funds to outbid U.S. Bancorp and
acquire ''Acquire'' is a board game published by 3M in 1964 that involves multi-player mergers and acquisitions. It was one of the most popular games in the 3M Bookshelf games series published in the 1960s, and the only one still published in the Uni ...
National City instead. Had National City accepted U.S. Bancorp's offer, U.S. Bancorp would have expanded into
Florida Florida ( ; ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders the Gulf of Mexico to the west, Alabama to the northwest, Georgia (U.S. state), Georgia to the north, the Atlantic ...
,
Michigan Michigan ( ) is a peninsular U.S. state, state in the Great Lakes region, Great Lakes region of the Upper Midwest, Upper Midwestern United States. It shares water and land boundaries with Minnesota to the northwest, Wisconsin to the west, ...
and
Pennsylvania Pennsylvania, officially the Commonwealth of Pennsylvania, is a U.S. state, state spanning the Mid-Atlantic (United States), Mid-Atlantic, Northeastern United States, Northeastern, Appalachian, and Great Lakes region, Great Lakes regions o ...
(three states that as of 2023 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, the Heartland or the American Midwest) is one of the four census regions defined by the United States Census Bureau. It occupies the northern central part of the United States. It ...
states, especially
Ohio Ohio ( ) is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. It borders Lake Erie to the north, Pennsylvania to the east, West Virginia to the southeast, Kentucky to the southwest, Indiana to the ...
. 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 a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...
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-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 an American government 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) that was launched in 2 ...
. 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 U.S. Presi ...
(TARP) funds. On October 5, 2009, the company announced its acquisition of the $8 billion (~$ in ) 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 Inc. for an undisclosed amount. On October 20, 2009, the company completed a transaction to purchase the failed FBOP Corporation'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 ...
) 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 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 $80 million (~$ in ) and a 9.5% stake in Nuveen. In 2010,
Huntington Bancshares Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. Its banking subsidiary, The Huntington National Bank, operates 1047 banking offices, primarily in the Midwest: 459 in Ohio, 290 in Michigan, ...
announced it would take over the leases of bank branches inside
Giant Eagle Giant Eagle, Inc. is an American supermarket chain with stores in Pennsylvania, Ohio, West Virginia, Indiana, and Maryland. The company was founded in 1918 in Pittsburgh, Pennsylvania, and incorporated on August 31, 1931. ''Supermarket News'' ...
locations in Ohio, largely replacing U.S. Bancorp but also replacing branches from FirstMerit Corporation (which itself would be acquired by Huntington in 2016) and
Citizens Financial Group Citizens Financial Group, Inc. is an American bank holding company, headquartered in Providence, Rhode Island. The company owns the bank Citizens Bank, N.A., which operates in the U.S. states of Connecticut, Delaware, Florida, Maryland, Massach ...
; 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 Mahoning County, Ohio, United States, and its county seat. It is the List of municipalities in Ohio, 11th-most populous city in Ohio with a population of 60,068 at the 2020 United States census, 2020 census. The Mahoning ...
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 Bancorp is a bank holding company headquartered in Cincinnati, Ohio. It is the parent company of Fifth Third Bank (5/3 Bank), which operates 1,100 branches and 2,400 automated teller machines, which are located in 11 states: Oh ...
& KeyBank), PNC Bank, and
Chase Bank JPMorgan Chase Bank, N.A., Trade name, doing business as Chase, is an American National bank (United States), national bank headquartered in New York City that constitutes the retail banking, consumer and commercial bank, commercial banking su ...
. 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 $380 million (~$ in ). 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 Knox County, Tennessee, United States, and its county seat. It is located on the Tennessee River and had a population of 190,740 at the 2020 United States census. It is the largest city in the East Tennessee Grand Division ...
-based BankEast in a transaction facilitated by the FDIC for an asset discount of approximately $67.5 million (~$ in ). The acquisition had included 10 offices in the Knoxville area. In March 2013, U.S. Bancorp announced that it was acquiring the $57 billion (~$ in ) municipal bond trustee business from
Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...
. In January 2014, U.S. Bancorp announced the pending acquisition of 94 branch offices of the Charter One Bank in Chicago from the RBS Citizens Financial Group for $315 million (~$ in ), 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 November 2017, the bank performed the United States banking industry's first real-time payment transaction using a system set up by
The Clearing House The Clearing House is a banking association and payments company owned by the largest commercial banks in the United States. The Clearing House is the parent organization of The Clearing House Payments Company, The Clearing House Payments Company ...
. The transaction moved a nominal amount between accounts at
BNY Mellon The Bank of New York Mellon Corporation, commonly known as BNY, is an American international financial services company headquartered in New York City. It was established in its current form in July 2007 by the merger of the Bank of New York an ...
and U.S. Bancorp in three seconds, inaugurating the first new payment clearance and settlement system for the US in over 40 years. 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, AMG Services, whose suspicious activities US Bancorp had failed to report. In September 2018,
Fiserv Fiserv, Inc. ( ) is an American multinational corporation, multinational financial technology company headquartered in Milwaukee, Wisconsin. Fiserv provides financial technology and services to clients across the financial services sector, incl ...
announced that it would acquire MoneyPass from US Bancorp for $690 million (~$ in ). 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 , meaning "faithful or loyal". In the City of London financial m ...
,
BMW Bayerische Motoren Werke AG, trading as BMW Group (commonly abbreviated to BMW (), sometimes anglicised as Bavarian Motor Works), is a German multinational manufacturer of vehicles and motorcycles headquartered in Munich, Bavaria, Germany. Th ...
and
Mercedes-Benz Mercedes-Benz (), commonly referred to simply as Mercedes and occasionally as Benz, is a German automotive brand that was founded in 1926. Mercedes-Benz AG (a subsidiary of the Mercedes-Benz Group, established in 2019) is based in Stuttgart, ...
. In December 2019, the bank dismissed Emily James, a Portland, Ore., call-center employee, and her supervisor, after James gave $20 (~$ in ) 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'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...
''. 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, murder of George Floyd, sometimes called the Minneapolis riots or the Minneapolis uprising, began on May 26, 2020, and within a few days had inspired a George Floyd protests, global protest moveme ...
. Two other bank branch locations on East Lake Street in Minneapolis were destroyed by
arson Arson is the act 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, watercr ...
. 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 $8 billion (~$ in ). It is the bank's biggest deal since 2001 when it merged with Milwaukee-based Firstar Corp. for $21 billion (~$ in ). 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. 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. In August 2023, Mitsubishi UFG Financial Group Inc, former parent company of MUFG Union Bank it sold 8 months earlier to U.S. Bancorp, announced it would be buying a $936 million stake in U.S. Bancorp. The deal swaps debt with equity, strengthening U.S. Bancorp's alliance with Japan's largest bank. Gunjan Kedia became CEO of U.S. Bancorp in mid-April 2025.


Notable corporate buildings

* U.S. Bank Center in
Phoenix, Arizona Phoenix ( ) 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 over 1.6 million residents at the 2020 census, it is the ...
* U.S. Bank Tower in
Sacramento, California Sacramento ( or ; ; ) is the List of capitals in the United States, capital city of the U.S. state of California and the county seat, seat of Sacramento County, California, Sacramento County. Located at the confluence of the Sacramento Rive ...
* One California in
San Francisco, California San Francisco, officially the City and County of San Francisco, is a commercial, Financial District, San Francisco, financial, and Culture of San Francisco, cultural center of Northern California. With a population of 827,526 residents as of ...
, sports the U.S. Bank logo and houses bank offices * U.S. Bank Tower in
Los Angeles, California Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...
, the third tallest building west of the
Mississippi River The Mississippi River is the main stem, primary river of the largest drainage basin in the United States. It is the second-longest river in the United States, behind only the Missouri River, Missouri. From its traditional source of Lake Ita ...
*U.S. Bank Tower (Denver), U.S. Bank Tower in Denver, Colorado *U.S. Bank Plaza (Boise), U.S. Bank Plaza in
Boise, Idaho Boise ( ) is the List of capitals in the United States, capital and List of cities in Idaho, most populous city of the U.S. state of Idaho. As of the 2020 United States census, 2020 census, there were 235,685 people residing in the city. Loca ...
*U.S._Bank_Building_(Chicago), U.S. Bank Building in Chicago, Illinois *First National Bank Building (Davenport, Iowa), U.S. Bank Building in Davenport, Iowa *U.S. Bank Building in Duluth, Minnesota *US Bancorp Center, U.S. Bancorp Center in Minneapolis, Minnesota *U.S. Bank Plaza (Minneapolis), U.S. Bank Plaza in Minneapolis, Minnesota *U.S. Bank Center in St. Paul, Minnesota *One US Bank Plaza, One U.S. Bank Plaza in St. Louis, Missouri *U.S. Bank Building in Billings, Montana *U.S. Bank Tower in Lincoln, Nebraska *U.S. Bank Center in Las Vegas Valley, Las Vegas, Nevada *U.S. Bank Tower in Cincinnati, Ohio *US Bank Centre - Cleveland, U.S. Bank Centre in Cleveland, Ohio *U.S. Bancorp Tower in
Portland, Oregon Portland ( ) is the List of cities in Oregon, most populous city in the U.S. state of Oregon, located in the Pacific Northwest region. Situated close to northwest Oregon at the confluence of the Willamette River, Willamette and Columbia River, ...
("Big Pink") *U.S. Bank Building in Sioux Falls, South Dakota *U.S. Bank Center (Seattle), U.S. Bank Center in Seattle, Seattle, Washington *Old National Bank Building, U.S. Bank Building in
Spokane, Washington Spokane ( ) is the most populous city in eastern Washington and the county seat of Spokane County, Washington, United States. It lies along the Spokane River, adjacent to the Selkirk Mountains, and west of the Rocky Mountain foothills, south o ...
*U.S. Bank Building in La Crosse, Wisconsin *US Bank Center (Milwaukee), U.S. Bank Center in
Milwaukee, Wisconsin Milwaukee is the List of cities in Wisconsin, most populous city in the U.S. state of Wisconsin. Located on the western shore of Lake Michigan, it is the List of United States cities by population, 31st-most populous city in the United States ...
*U.S. Bank Plaza in Madison, Wisconsin *U.S. Bank Building in Sheboygan, Wisconsin U.S. Bank owns corporate naming rights to U.S. Bank Stadium in Minneapolis, Minnesota.


See also

* John F. Grundhofer * Richard K. 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