U.S. Bancorp is one of the largest financial services holding companies in the US with around $250 billion worth of assets, 2,500 offices and 5,000 ATMs. U.S. Bancorp has its headquarters in Minneapolis, Minnesota and operates mainly in the Western and Midwestern US states.
U.S. Bancorp owns the U.S. Bank organization, which is presently the 6th largest commercial bank in the US.
History of U.S. Bancorp
U.S. Bancorp has developed over the years as a result of many mergers and was originally founded by its predecessors the United States National Bank of Portland in Portland, Oregon in 1891. The United States National Bank of Portland went on to merge with banks such as Ainsworth National, in 1902, and Ladd and Tilton, in 1925, to eventually be renamed the United States National Bank of Oregon in 1964.
In the late 1960’s many commercial banks started to form one-bank holding companies this enabled them to acquire and set up other subsidiaries that could offer a broader range of products and services. It was hoped that this would reduce the competitiveness between commercial and non-commercial banks, preventing non-commericial banks taking on financial activites that traditionally commercial banks would have persued.
In 1968, after some reorganisation the United States National Bank became a holding company and named itself U.S. Bancorp. At the same time First Bank Stock Investment renamed themselves First Bank System, Inc. who later acquired U.S.Bancorp in 1997 resulting in First Bank System, Inc. renaming themselves U.S. Bancorp. First Bank System, Inc. originated from the First Bank Stock Investment Corporation formed in 1929 by banks in the midwest including the First National Bank of Minneapolis and the First National Bank of St. Paul.
Firstar and U.S. Bancorp
The forefather of Firstar was the Farmers and Millers Bank founded in Milwaukee, Winconsin in 1853 but by 1919 it was known as the First Wisconsin National Bank. As a result of growing outside of Winconsin, the First Wisconsin National Bank went on to rename itself as Firstar in 1988. In 1999 it went on to merge with StarBank (formerly known as First National Cincinnati) and buy the Mercantile Bancorporation of St.Louis, Missouri. Firstar’s largest aquisition was U.S. Bancorp in 2001 this resulted in Firstar changing its name to U.S.Bancorp.
Other Subsidiaries
The independent middle-market investment bank and institutional securities firm Piper Jaffray Companies was a subsidiary of U.S. Bancorp up until 2003.
Formerly known as Nova Information Systems, U.S. Bancorp’s subsidiary Elavon (renamed Elavon Information Systems in 2008) is a leading processor of merchant credit card transactions in the US, Canada and Europe.
U.S. Bancorp Products and Services
U.S. Bancorp provides a range of banking services such as checking and deposit accounts,credit cards, brokerage, insurance, investment management, mortgage, trust and payment service products to consumers, businesses and institutions.