U.S. Bancorp 7th largest bank in U.S by assets
U.S. Bancorp 7th largest bank in U.S by assets.The U.S. Bank name first appeared as United States National Bank of Portland, established in Portland, Oregon, in 1891.It changed its name to the United States National Bank of Oregon in 1964. In 1902, it merged with Ainsworth National Bank of Portland, but kept the U.S. National Bank name. The decision turned out to be advantageous for the bank, as a 1913 federal law prohibited other banks from using “United States” in their names from that time forward. U.S. National was among the first banks to form a bank holding company — called U.S. Bancorp, on September 9, 1968.
10 largest banks in the U.S. by assets
|JPMorgan Chase||Bank of America Corp.||Wells Fargo & Co||Citigroup Inc.||Goldman Sachs Group Inc.|
|Morgan Stanley||U.S. Bancorp||PNC Financial Services Group Inc.||TD Group US Holdings LLC||Capital One Financial Corp|
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 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.In Cincinnati, First National Bank of Cincinnati opened for business in 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.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.
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 still remaining chairman of the corporation.
|Trading name||U.S. Bank|
|Traded as||NYSE: USB
S&P 100 Component
S&P 500 Component
|Industry||Banking, Financial services|
|Founded||September 9, 1968; 49 years ago|
|Headquarters||Minneapolis, Minnesota, United States|
|Number of locations||3,106 branches and 4,842 ATMs|
|Key people||Richard K. Davis
(President and CEO)
|Revenue||US$21.494 billion (2016)|
|Operating income||US$8.105 billion (2016)|
|Net income||US$5.944 billion (2016)|
|Total assets||US$445.964 billion (2016)|
|Total equity||US$47.933 billion (2016)|
|Number of employees||71,191 (2016)|
|Subsidiaries||· Elan Financial Services
|Capital ratio||9.1% Tier 1 (12/2016)|
|Rating||Long Term Senior Debt
Moody’s: A1 (10/2016)
S&P: A+ (10/2016)
Fitch: AA (10/2016)
DBRS: AA (10/2016)