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More info of US Bank
In an era where technological advances, the need for information and greater financial complexity prevail, some banks are witnesses to how much the world has changed.
Such is the story of US Bank, one of the most recognized institutions in the United States and whose evolution gives us a unique perspective on what a brand represents.
US Bank's presence
Today, US Bank is the commercial firm representing US Bancorp, which is the parent company of this Minneapolis-based institution. This bank is considered the 7th largest in the USA in terms of assets, with more than 2,000 branches in 27 states and an ATM network of nearly 5,000 machines.
This financial group is the product of a series of mergers and acquisitions that have been taking place since its beginnings in the distant 19th century.
The banking entity is characterized by its retail banking services, financial analysis, credit cards, investments, mortgages, trusts and payment systems for individuals, companies and government entities.
Appearance of the name US Bank
Among its diverse beginnings, the United States National Bank of Portland was founded in 1891 in Oregon. Its core is related to the creation of the First National Bank of Minneapolis in 1864. This entity would later join the First National Bank of St. Paul and other smaller banks to form the First Bank System.
The eastern section of the US Bank is made up of the Farmers and Millers Bank of Milwaukee (1853), which would later become First Wisconsin and eventually Firstar Corporation. The US Bancorp also has roots in the First National Bank of Cincinnati (1863), founded during the Civil War and later renamed Star Bank.
Formation of US Bancorp
It was 1969 when the US Bancorp of Oregon became a financial group for the US National Bank of Oregon. After some management changes, the 80s and 90s marked the beginning of a national expansion that has consolidated the presence of this institution.
Among the highlights, we can mention:
- The 1987 purchase of the Old National Bancorp of Spokane (WA) and its subsidiaries, its first business outside of Oregon.
- Its entry into California through the acquisition of Bank of Loleta (1988), which would be renamed US Bank of California.
- Acquisition of 29 offices from Bank of America Corporation in 1992, giving it a presence in Nevada.
- The purchase of One West Corp. in Idaho (1995), allowing it to establish itself in Utah and expanding its influence into Washington.
- In 1996, the acquisition of California Bancshares with 38 branches in San Francisco, which also included a series of regional banks.
Merger with First Bank System
The integration with this institution occurred during 1997 and this meant a new expansion of operations into states such as Minnesota, Colorado, Montana, Nebraska, North Dakota, Illinois, Iowa, Kansas and Wyoming.
While maintaining the US Bancorp name, this step was accompanied by other important acquisitions:
- In 1998, the purchase of Northwest Bancshares of Vancouver (WA) along with its 10 agencies in the area was finalized.
- In 1999, the company announced the acquisition of Commerce of San Diego and Western Bancorp, bringing the total number of branches in California to 98.
- In 2000, the integration of Peninsula Bank and Scripps Financial Corp, both located in San Diego, was completed.
Development of US Bank with Firstar
With the arrival of the new century, changes came in the form of more mergers that gave this bank greater reach within the United States. Among the most relevant events, it is worth mentioning:
- From 2001 to 2005, some acquisitions were finalized, such as those of Pacific Century Bank of Encino (CA), Bay View Bank of San Mateo (CA), National City Corp of trusts and Wachovia Corp.
- From 2006 to 2010, it also added Vail Banks Inc (CO), LaSalle Bank, Downey Savings & Loan Association, First Bank of Idaho and First Citizens Bank to its ranks.
- From 2011 through 2019, they acquired First Community Bank of New Mexico, Bank East of Knoxville (TN), the bond trustee division of Deutsche Bank and 94 branches of Charter One Bank of Chicago.
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Acquisition of MUFG Union Bank
In September 2021, U.S. Bank began the process of acquiring the retail banking business of MUFG Union Bank, which had U.S. and Japanese capital.
The acquisition process was completed in December 2022, following the approval of the U.S. and Japanese authorities, after which the process of merging and transferring customers to U.S. Bank began.
In June 2023, the transition was finally completed and MUFG Union Bank was fully integrated into U.S. Bank.
US Bank's journey has been quite a long one and this effort has shaped their philosophy of services that fit your style. In their mission, they state a commitment to help you achieve those goals and dreams that need a little push.
Contact info
Social denomination:
U.S. Bank N.A.
Address:
US Bancorp Center, 800 Nicollet Mall - Minneapolis, MN 55402