|Traded as||NYSE: USB
S&P 100 Component
S&P 500 Component
|Industry||Banking, Financial services|
|Founded||September 9, 1968|
|Headquarters||Minneapolis, Minnesota, United States|
Number of locations
|3,106 branches and 4,842 ATMs|
|Richard K. Davis
(President and CEO)
Number of employees
|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)
U.S. Bancorp (stylized as us bancorp) is a bank holding company based in Minneapolis, Minnesota. It is the parent company of U.S. Bank, National Association, known as U.S. Bank, which is ranked 7th on the list of largest banks 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 and 4,842 ATMs, primarily in the Midwestern United States. The company also owns Elavon, a processor of credit card transactions.
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. 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, which it obtained upon its merger with Wachovia.
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.
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.
U.S. Bancorp of Oregon officially became a banking holding company for the U.S. National Bank of Oregon in January 1969 after receiving authorization from its bank directors on September 9, 1968 and subsequently receiving legal approval to proceed from the Comptroller of the Currency 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 resign as president in December 1972 and his position was filled eight months later by John A. Elornaga.
After a long period of service, Staver finally retired in October 1974 and was succeeded by John Elorriaga who was promoted to chairman and chief executive officer while Carl May was named president in Elorriaga's place.
A major change in the organization of leadership in U.S. Bancorp of Oregon occurred in August 1983. Although Elorriaga remained as chairman and chief executive officer for the firm, May was appointed to the new position of executive assistant to the chairman while Edmund P. Jensen was appointed president as replacement to May, 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-based Valley National Corporation (not to be confused with Phoenix, Arizona-based 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-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 May 1987, U.S. Bancorp of Oregon announced the pending acquisition of the Seattle, Washington-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.
U.S. Bancorp of Oregon entered the state of California by announcing in April 1988 the pending acquisition of the Eureka, California-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-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-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 established a bank through a loophole in Federal banking law that allow 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. 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-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 for $70 million 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 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 International. 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-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 for $38 million in cash.
In February 1996, U.S. Bancorp of Oregon announced the pending acquisition of the San Ramon, California-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 Milipitas. 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. 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-based Business & Professional Bank for $35 million in cash. The acquisition was completed in May 1997.
In March 1997, the Minneapolis, Minnesota-based First Bank System announced the pending acquisition of the Portland, Oregon-based 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 would be renamed U.S. Bancorp with the headquarters for the newly combined company being at First Bank's existing headquarters in Minneapolis. 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.
First Bank System can trace its roots back to the formation of First National Bank of Minneapolis in 1864. In 1929, the First National Bank of Minneapolis joined together 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 keep both subsidiary banks legally separate. The new holding company quickly grew by acquiring other banks in four state region before the Bank Holding Company Act of 1956 prohibited such actions. First Bank Stock Corporation was renamed First Bank Stock Corporation Inc. in 1968.
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 disclosed 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-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-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-based Western Bancorp with its Santa Monica Bank and Southern California Bank subidiaries 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 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 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 pending 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.
In October 2000, Firstar Corporation of Milwaukee, Wisconsin announced the pending acquisition of U.S. Bancorp of Minneapolis, Minnesota for $21 Billion in stock. Firstar completed its buyout of U.S. Bancorp on February 27, 2001 and changed its name to U.S. Bancorp. 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. Though some administrative functions would remain in Milwaukee and Cincinnati, it was decided that the new combined company would be based in Minneapolis and that the new company would use the U.S. Bancorp name.
To allow the merger to proceed, the U.S. Department of Justice required Firstar to sell 11 branch offices in the Minneapolis-area and 2 in Council Bluffs, Iowa.Bremer Bank of Saint Paul, Minnesota purchased the 11 Minneapolis-area Firstar offices while Liberty Bank of West Des Moines, Iowa purchased the 2 Council Bluffs offices.
Although the origin of the Milwaukee-based Firstar Corporation can be traced back to the founding of the Farmer's and Millers Bank in Milwaukee in 1853 and the later formation of the First Wisconsin National Bank in 1919, the actual company that took over U.S. Bancorp in 2001 is the actually the same company and leadership that was responsible for the takeover of 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, and as mentioned above 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.
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-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-based Bay View Bank from its Bay View Capital Corporation 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 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.
In June 2006, U.S. Bancorp announced the pending acquisition of the Avon, Colorado-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 the pending acquisition of the Great Falls, Montana-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 for an disclosed amount in cash. The acquisition was completed in June 2008.
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 for an disclosed 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. It was the first bank to repay the Troubled Asset Relief Program (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 20, 2009, the company completed a transaction to purchase the failed FBOP Corporation's nine subsidiary banks from the FDIC for an disclosed 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 disclosed amount. Each of the banks had one office each.
In October 2009, BB&T Corporation announced the pending sale of their Nevada banking operations to U.S. Bancorp for an disclosed amount. BB&T had just recently 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 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-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 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, 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 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.
In February 2018, the bank was charged by fthe Department of Justice with failing to implement measures preventing illegal activities, including one case of abetting them. To defer prosecution, U.S. Bancorp agreed to pay $613 million in fines and agreed to implement measures to show the authorities that it had improved the monitoring of its customer transactions.
U.S. National Bank of Oregon said it has become a subsidiary of its previously announced holding company, U.S. Bancorporation [sic].Link via ProQuest.[dead link]
Directors of U.S. National Bank of Oregon approved plans to make the bank the subsidiary of a new one-bank holding company, tentatively to be called U.S. Bancorp, U.S. National announced... The move, according to LeRoy B. Staver, would permit the bank to diversify within the financial field. He added that definite plans for acquisitions haven't been formulated yet.Alternate Link via ProQuest.[dead link]
U.S. National Bank of Portland, Ore., received permission to merge with Unit National Bank Of Oregon, currently organizing; the new institution would be owned by U.S. Bancorp. U.S. National has deposits of $1.16 billion and operates 110 offices. American Fletcher National Bank & Trust Co., Indianapolis, with deposits of $594 million and 41 branches, was given approval to merge with Marion County National Bank, currently organizing. American Fletcher is owned by American Fletcher Corp.Alternate Link via ProQuest.[dead link]
U.S. Bancorp said Robert B. Wilson, a Portland businessman, has been named president of the one-bank holding company and executive vice president of its subsidiary, U.S. National Bank of Oregon. Mr. Wilson, 53 years old, replaces LeRoy B. Staver, 60, who becomes chairman of the holding company, a position previously unfilled. In addition, Mr. Staver will remain president of the bank and chief executive officer of both the bank and the holding company.Alternate Link via ProQuest.[dead link]
John A. Elorriaga was elected president and chief administrative officer of U.S. Bancorp., a bank holding company. Mr. Elorriaga also will continue as president and chief administrative officer of U.S. National Bank of Oregon, principal subsidlary of U.S. Bancorp.Alternate Link via ProQuest.[dead link]
Carl May was named president, succeeding John A. Elorriaga who was promoted to chairman and chief executive officer of the Portland, Ore., firm. Elorriaga succeeds LeRoy B. Staver, who is retiring. U.S. Bancorp., holding company of U.S. National Bank of Oregon, had total assets of $2.725 billion last year.Alternate Link via ProQuest.[dead link]
Roger L. Breezley, 45-year-old vice chairman of this bank-holding company, was named to the additional new post of chief operating officer. Carl W. Mays Jr., 58, was named to the new position of executive assistant to the chairman. Edmund P. Jensen, 45, formerly executive vice president, was named president, succeeding Mr. Mays. Mr. Jensen also was appointed a director, expanding the board to 24.Alternate Link via ProQuest.[dead link]
U.S. Bancorp said it plans to acquire Valley National Corp., a Forest Grove, Ore., bank holding concern, in a stock-swap with an indicated value of about $13.7 million... U.S. Bancorp operates 195 branches in Oregon through its U.S. Bank unit. Valley National, with assets of $93 million, has five branch bank locations and is the parent of Oregon-based Pacific Northwest Trust Corp. and Northvale Homes Inc.Alternate Link via ProQuest.[dead link]
U.S. Bancorp, the largest bank in Oregon, agreed yesterday to acquire Old National Bancorp, Washington's fifth largest commercial bank, in a merger that could drastically change competition in this state's banking industry. The combination would create the largest financial institution in the Northwest, with about $11 billion in assets, the companies said, surpassing in size both Seafirst Corp. and Rainier Bancorp, currently Nos. 1 and 2 in Washington... The $174 million acquisition, to be effective next July 1...
Old National Bank, long known as the fifth-largest bank in this state, is about to become part of what will be the largest Northwest-based banking institution... The two bank-holding companies, flirting with each other for several years, announced yesterday they intend to merge, with U.S. Bancorp. paying $174 million, or $46 a share, to acquire Old National... U.S. Bancorp. repeatedly said it intended to enter Washington once legal barriers are removed next July 1... Much of the improvement comes from better profits at Old National Bank and First National Bank in Spokane, along with lower losses at Old National Financial Services, a consumer-finance subsidiary whose problems nearly sank the bank in 1983.
On paper, tomorrow is one of the most important days of the decade for the banking industry in Washington. It's when interstate banking is officially allowed to begin. But in reality, July 1 will be a non-event, except to some senior executives of Old National Bank, which will come under new management and become a subsidiary of U.S. Bancorp in Portland.
U.S. Bancorp of Portland, Ore., said it will acquire Heritage Bank in Camas, Wash.Alternate Link via ProQuest.
Oregon's U.S. Bancorp, which recently announced plans to acquire Spokane-based Old National Bancorporation, yesterday announced another foray into Washington state by signing a definitive agreement to buy the small Heritage Bank in Camas in Clark County. The company said the price will be $2.8 million for all 60,000 issued and outstanding shares of Heritage Bank stock.
In a surprise move, U.S. Bancorp. of Portland today said it would exchange stock worth about $74 a share to acquire Seattle-based Peoples Bancorp.
In front of a small gathering of bank officials and the press last week, Peoples Bancorp. Chairman Joshua Green III signed ownership of the 98-year-old bank over to U.S. Bancorp of Portland.
U.S. Bancorp said Roger L. Breezley, 49 years old, was named chairman and chief executive officer, succeeding John A. Elorriaga, 64, who is retiring. Mr. Breezley has been vice chairman and chief operating officer since 1983. U.S. Bancorp, with $10.6 billion in assets, is the largest bank holding company headquartered in the Pacific Northwest.Alternate Link via ProQuest.
Roger L. Breezley has been elected chairman of the board and chief executive officer of U.S. Bancorp, the Portland holding company that has acquired Old National Bank and is taking over Peoples National Bank. Breezley succeeded John A. Elorriaga as chairman upon Elorriaga's retirement yesterday. Breezley has been vice chairman of the board and chief operating officer of U.S. Bancorp since 1983. U.S. Bancorp subsidiaries include Oregon's largest bank, U.S. National Bank of Oregon, Old National Bank of Washington and U.S. Bank of Southwest Washington. It is the largest independent bank company in the Northwest.
U.S. Bancorp signed a preliminary agreement for the acquisition of Mt Baker Bank for $16 a share, or $25 million, the companies said. Under the accord, Mt Baker, based in Bellingham, Wash., will become a subsidiary of U.S. Bancorp, based in Portland.Alternate Link via ProQuest.[dead link]
U.S. Bancorp carried its acquisition program into Northern California for the first time with the announcement Friday that it plans to purchase a bank based in Eureka. A letter of intent has been signed to acquire the Bank of Loleta, a state-chartered bank with assets of $143 million with seven branches in Humboldt and Del Norte counties. Purchase price is about $15.3 million in cash, the Portland-based bank holding company said... The expansion policy of U.S. Bancorp in recent years has created the third-largest bank in Washington with Old National Bancorporation of Spokane and Peoples Bancorporation of Seattle combined into U.S. Bank of Washington. Another subsidiary is U.S. Bank of Southwest Washington, based in Vancouver, and including Heritage Bank of Camas. Pending acquisitions include Mt Baker Bank, a savings bank in Bellingham, and Northwestern Commercial Bank, also in Bellingham. Last year, it also acquired Valley National Bank of Forest Grove to add to the statewide network of U.S. National Bank of Oregon.
The name has changed but the people remain the same. On June 12, 1989, the Bank of Loleta completed its conversion to the U.S.Bancorp system by officially opening its doors as U.S. Bank of California (U.S. Bank). Acquired by U.S. Bancorp on Dec. 15, 1988, the Bank of Loleta has been operating as a subsidiary of that company.Link via ProQuest.
U.S. Bancorp said it definitively agreed to acquire Northwestern Commercial Bank, Bellingham, Wash., for $15.5 million.Alternate Link via ProQuest.[dead link]
The completion of the acquisition of Northwestern Commercial Bank by U.S. Bancorp (NASDAQ: USBC) was announced Thursday, Nov. 17, by Ed Jensen, president, U.S. Bancorp and F. Murray ("Red") Haskell, chairman of the board, Northwestern Commercial Bank...Link via ProQuest.
U.S. Bancorp, the Portland-based financial services company, will buy Western Independent Bancshares Inc. in Auburn for $4.25 million in cash under the terms of a definitive agreement announced yesterday. Western Independent Bancshares is the parent company of Auburn Valley Bank, which had year-end assets of $44.6 million and offices in Auburn and Kent. The previously announced acquisition, which requires the approval of Western Independent Bancshares shareholders and regulators, is one of several pending or completed by U.S. Bancorp this year. The company completed the acquisition of Mt Baker Bank in Bellingham last month, and has agreements to purchase Northwestern Commercial Bank, also in Bellingham, and the Bank of Loleta in Eureka, Calif.
U.S. Bancorp continued its expansion into Northern California by announcing Wednesday that it has agreed to acquire Mother Lode Savings Bank of Sacramento for about $5.3 million. Mother Lode, which has assets of $107.7 million and three offices, was founded by women in 1980 as a savings and loan to encourage business development by women in the area. It was later changed to a savings bank and expanded its operations... It is one of the first acquisitions of a thrift by a commercial bank in the nation since legislation permitting such takeovers. However, the savings bank is healthy and it was not a rescue effort, U.S. Bancorp said... When the transaction is completed, expected early next year, the bank will become part of U.S. Bank of California, a Bancorp subsidiary. The California unit was formed early last year with the acquisition of the $143 million-in-assets Bank of Loleta in Eureka, Calif.
U.S. Bank has completed its acquisition of Mother Lode Savings Bank of Sacramento, further solidifying the Oregon bank's position in Northern California. Mother Lode, a state-chartered bank with about $111 million in assets and three offices, became part of U.S. Bank of California on Friday.
U.S. Bancorp, with $18.6 billion in assets, is the country's 35th biggest bank. Breezley's goal is to get it among the top 20 banks by 1994. Even if the bigger banks were to stop growing, U.S. Bancorp would have to expand by 70 percent over the next 3 1/2 years to achieve the goal. But that may not be as difficult as it sounds. The company has tripled in size since 1983... Started from scratch 2 1/2 years ago, the company's U.S. Bank of California unit, with about $1.4 billion in assets, already is the seventh-largest bank headquartered in Northern California. Forming U.S. Bank of California after buying the tiny Bank of Loleta in Eureka at the end of 1988, Breezley added Sacramento's Mother Lode Savings in 1990 and Auburn's HeartFed Financial Corp. and Petaluma's Northbay Financial this year... Much of U.S. Bancorp's growth has occurred in the state of Washington, where the company has made six acquisitions in four years and where U.S. Bank of Washington, with $5.4 billion in assets, is now the third-largest bank. Breezley's next target is Idaho, where his blend of caution and aggression is evident. Tejera said that last year U.S. Bancorp tried three times to buy Idaho institutions: First National Bank of North Idaho in Wallace, Mountain West Savings Bank of Coeur d'Alene and Boise-based West One Bancorp. "They played it very conservative in those attempts, walking away when the price got too steep," he said.
U.S. Bancorp (NASDAQ: USBC) Tuesday announced plans to transfer branches of its wholly owned subsidiary First National Bank in Spokane (First National Bank) to its flagship Washington bank, U.S. Bank of Washington, National Association (U.S. Bank). In addition, First National Bank will apply to relocate its main office to Idaho. Completion of the transactions is dependent upon regulatory approval. "First National Bank has been a part of the U.S. Bancorp system since the acquisition of Old National Bank in 1987," said Gerry Cameron, president of U.S. Bank.Link via ProQuest.
The Office of the Comptroller of the Currency (OCC) has approved an application to relocate U.S. Bancorp's subsidiary First National Bank in Spokane to Coeur d'Alene, Idaho. U.S. Bancorp acquired the First National Bank charter in 1987, as part of its acquisition of Old National Bancorporation, which is now part of the current U.S. Bank of Washington... U.S. Bank of Idaho, National Association, opened for business today in its new location and under its new name... Once established in Coeur d'Alene, Schmitt said U.S. Bank of Idaho will file an application for a new branch... Subsidiaries include United States National Bank of Oregon; U.S. Bank of Washington, National Association; U.S. Bank of California; and U.S. Bank of Idaho, National Association.Link via ProQuest.
The Portland-based financial services company has reached an agreement to acquire HeartFed Financial Corp. of Auburn, Calif., the holding company for Heart Federal Savings and Loan... The deal is valued at about $107.8 million. Acquisition of the 29-branch savings and loan will give U.S. Bancorp its largest toehold in California.
Ed Jensen, 54 years old, was named to the new post of chief operating officer at this bank holding company. Mr. Jensen continues as president.Alternate Link via ProQuest.[dead link]
U.S. Bancorp, a powerful Oregon bank that is challenging for local market leadership, on Wednesday purchased 49 branches in metropolitan Sacramento, Northern California and Nevada from giants BankAmerica Corp. and Security Pacific Corp. for $70 million... U.S. Bancorp is acquiring $1.58 billion in total deposits from the two banks, including 20 branches in Northern California which hold $750 million in deposits. Security Pacific owns 18 of those branches and BofA owns two offices... In Nevada, the acquisition package includes the purchase of Bank of America Nevada (owned by BofA), with 21 branches, plus eight Security Pacific branches in Nevada.
Edmund P. Jensen, 55 years old, president and chief operating officer of this bank holding company, was named a vice chairman. Succeeding him as president is Kevin R. Kelly, 43, formerly president of company's U.S. Bank of Oregon unit. Mr. Jensen retains the post of chief operating officer of the holding company. Also named a vice chairman was Gerry B. Cameron, 54, former president of the company's U.S. Bank of Washington unit. A spokeswoman said the changes were part of an ongoing strategic development plan.Alternate Link via ProQuest.[dead link]
The longtime chief executive of Visa International, Charles Russell, will announce today that he is resigning from the credit card organization. He will be replaced by Edmund P. Jensen, a vice chairman of U.S. Bancorp in Portland, Ore.
Chairman Roger L. Breezley today announced that the board of directors of U.S. Bancorp has elected Vice Chairman Gerry Cameron to the additional position of chief operating officer (COO). With the new position, Cameron's scope of responsibility broadens from his traditional regional banking focus to include oversight of nationally focused financial businesses. Cameron assumes the title previously held by Edmund P. Jensen who recently left U.S. Bancorp to join Visa International as president and chief executive officer. Kevin R. Kelly remains as president of U.S. Bancorp.
The directors of U.S. Bancorp put a new man in charge Wednesday, ending speculation about the succession at the region's largest independent bank. Gerry Cameron, a 38-year veteran of U.S. Bancorp, was named chief executive officer of the regional holding company. He succeeds Roger Breezley, who remains chairman of the company, a position he has held since 1987. Breezley, 55, surrendered his day-to-day management duties at the bank. The leadership change -- effective immediately -- was announced Wednesday night following an afternoon meeting of the company's directors. A statement by Breezley said he had recommended that the functions of chairman and chief executive be split. The change, he said, allows him to focus on oversight. The suddenness of the change surprised even bank insiders. About an hour after the directors adjourned, the senior vice president for investor relations said he hadn't heard about the change.
Kevin R. Kelly resigned Friday as president of U.S. Bancorp, partly because he didn't want his "restlessness" to become a distraction as the bank sharpens its focus on its internal operations. But he's also stepping aside at age 44 so chief executive officer Gerry B. Cameron can assemble his own team of managers at the highest levels of the region's largest independent bank.
The chairman of U.S. Bancorp, Roger L. Breezley, resigned yesterday. He will be succeeded by Gerry B. Cameron, the chief executive. The company, based in Portland, Ore., also said it planned to buy back up to six million shares to finance the company's 1993 stock incentive plan and for other corporate purposes. The company has about 99.7 million shares outstanding. Mr. Breezley, 56, will remain on the board. He relinquished the chief executive's post in January, the company said.
announcement of Breezley's resignation was unexpected
U.S. Bancorp announced Monday morning its intention to buy Boise-based West One Bancorp in a deal valued at $1.6 billion. The acquisition would boost U.S. Bancorp's total assets from $21.4 billion to more than $30 billion, solidifying its position as the largest Northwest-owned bank... The merger cements U.S. Bancorp's position as the largest bank in Oregon. It also will become the largest institution in Idaho and move from fifth-largest to third-largest in Washington. West One also gives U.S. Bancorp its first entry into Utah. The acquisition probably will raise antitrust concerns among Justice Department lawyers. U.S. Bancorp acknowledged that it probably will have to divest assets in certain markets, especially the Portland metropolitan area, to gain government approval... The acquisition clears up speculation about who U.S. Bancorp's next chief executive will be. As part of the deal, the Portland bank named West One's chairman and chief executive, Dan Nelson, its own chief operating officer and president. What's more, Nelson will assume the bank's helm after Cameron retires in three years.
U.S. Bank has finalized its acquisition of St. George-based Sun Capital Bank in a deal valued at $15.5 million. Under terms of an agreement originally signed Sept. 25, two Sun Capital branches in St. George and one in Hurricane will merge this spring into U.S. Bank... The merger will bring to 29 the number of U.S. Bank branches operating in Utah. The bank with $33 billion in assets moved into the state in April through its acquisition of West One Bank.
U.S. Bancorp strengthened its growing franchise in Northern California Friday by agreeing Friday to acquire Business & Professional Bank of Sacramento for $35 million in cash. The Portland-based banking company's latest acquisition came at the end of a week of renewed rumors on Wall Street that U.S. Bancorp may itself might be a takeover target. The surprise annoucement announcement on Dec. 20 that President Daniel R. Nelson would take early retirement at the end of the year fueled the speculation. Nelson was the heir apparent to Chairman Gerry B. Cameron, who plans to retire at the end of 1998.
First Bank System closed on its acquisition of Portland, Ore.-based U.S. Bancorp. Friday and changed its name to U.S. Bancorp. The new combined company will be headquartered in Minneapolis. The deal creates a robust financial institution operating in 17 states with $72 billion in assets and a market capitalization of $22 billion. It becomes the 14th-largest bank holding company in the country based on assets, and the 10th-largest based on market capitalization. Effective Monday, the ticker symbol will change to USB and the stock will trade on the New York Stock Exchange. "While this is a defining moment in the history of First Bank System as a bank holding company, it will be business as usual for customers at all our bank branches for the immediate future," said John F. Grundhofer, who will serve as president and chief executive officer of the new U.S. Bancorp.
Connie Rosenberg pushed out the revolving door Friday afternoon and took her first step into life after U.S. Bancorp. Rosenberg, a bank auditor, was one of several hundred Portland workers laid off Friday, hours after Minneapolis-based First Bank System Inc. completed its $9.9 billion stock-swap takeover of the old U.S. Bancorp. Both companies won approval from stockholders Thursday to merge. The combined company wasted no time launching a reorganization that will eliminate 4,000 jobs in 18 months. More than half the cuts will be in the Portland area... First Bank System Inc. of Minneapolis adopted the U.S. Bancorp name Friday. The new U.S. Bancorp began its first day of business assuring customers that they would see no changes in their customer accounts for a while. The company plans to merge operations slowly in the next 18 months. The stock of the new company will trade on the New York Stock Exchange with a new symbol, USB.
U.S. Bancorp said Friday that it has completed its acquisition of St. Cloud-based Zappco, a bank holding company with three banks, six branches and $360 million in assets. Terms were not disclosed.
The Justice Department approved U.S. Bancorp's acquisition of Vancouver, Wash.-based Northwest Bancshares Inc. yesterday after U.S. Bancorp agreed to sell a branch in Clark County.
It's official. Minneapolis-based U.S. Bancorp now owns Northwest National Bank of Vancouver. The sale has been pending since March when Northwest Bank shareholders approved the sale. The deal's closing was announced Tuesday, a few days after U.S. Bank agreed to sell Northwest's Hazel Dell branch to Centennial Bank of Eugene. That sale was required by the U.S. Justice Department to comply with anti-trust regulations. With that out of the way, the larger sale could go forward.
Minneapolis-based U.S. Bancorp said Wednesday that chairman Gerry Cameron would retire at the end of the year as planned. He will be succeeded by U.S. Bancorp president and chief executive John Grundhofer. Cameron was chief executive of Portland, Ore.-based U.S. Bancorp when it was acquired for $9 billion by Minneapolis-based First Bank System Inc. First Bank assumed the U.S. Bancorp name when the deal closed in March. Cameron became chairman of the merged company. The move is not a surprise. Cameron had said he would retire when the First Bank-U.S. Bancorp merger was announced in March 1997.
U.S. Bancorp Chairman Gerry Cameron will retire effective Thursday, ending a banking career that spanned four decades. Cameron in 1997 had announced his intention to retire by the end of this year, so the move is no surprise. But it does further cement the passing of control at the old U.S. Bancorp, where Cameron was the CEO and president before the August 1997 sale of the Portland-based bank to Minneapolis-based First Bank System. After the deal closed, First Bank took the U.S. Bancorp name. Cameron's departure gives John (Jack) Grundhofer the title of chairman in addition to chief executive and president. Cameron remained out West after the acquisition, which caused many analysts to believe he had effectively given up control of the company long before his official Dec. 31 retirement.
It wasn't the mega merger some bank analysts expected, but U.S. Bancorp pulled its own coup Thursday in announcing that it will buy San Diego-based Bank of Commerce in a stock deal valued near $314 million. Pending regulatory and shareholder approval, the purchase should close by June. Bank of Commerce, with 10 branches, boasts $638 million in assets and is the largest Small Business Administration (SBA) lender in California and one of the largest in the nation.
Philip Heasley has been named president and given the new title of chief operating officer at U.S. Bancorp, making him the likeliest successor to CEO John (Jack) Grundhofer... Industry speculation immediately centered on talk that the 49-year-old Heasley, a former Citibanker and USB's chief technology architect, had been selected over Zona, 54, a 10-year veteran who has run middle market and commercial operations, for the No. 2 position... The three men formed the management trio that transformed the small First Bank, near insolvency a decade ago, into U.S. Bancorp, the 13th-largest bank in the nation with $77 billion in assets.
U.S. Bancorp said Thursday it will buy Peninsula Bank of San Diego for about $104 million in stock, USB's third bank deal in Southern California this year.
n its third Southern California purchase this year, Minneapolis-based U.S. Bancorp has launched a $104 million buyout of San Diego's Peninsula Bank.
A group of shareholders in Peninsula Bank of San Diego has moved to thwart Peninsula's merger with U.S. Bancorp, arguing the $100 million deal was "materially altered" when U.S. Bancorp cut its earnings estimate... Peninsula said last September that the bank had agreed to a buyout proposal submitted by Minneapolis-based U.S. Bancorp, the nation's No. 12 bank. The deal was valued then at approximately $100 million to $120 million. But the lawsuit is focused on a subsequent announcement issued Dec. 6, when U.S. Bancorp said lower-than-expected revenue and increased investments had reduced earnings expectations for the fourth quarter and the rest of 2000. The news sent shares of U.S. Bancorp plummeting by more than 27 percent that day, erasing more than $7 billion of market value. Before U.S. Bancorp's disclosure, the Minnesota bank had an estimated 12 percent rate in its earnings growth. The actual rate is now closer to 5 percent, Robbins said.
U.S. Bancorp of Minneapolis said yesterday it completed its acquisition of Peninsula Bank of San Diego. Based on the closing price of U.S. Bancorp shares Friday, Peninsula holders received $35.70 in U.S. Bancorp's shares for each Peninsula share held. Peninsula plans to convert its operations into U.S. Bank's systems, products and services in July.
Firstar Corp. completes its $22 billion acquisition of U.S. Bancorp today, creating the nation's eighth-largest bank and triggering a move by a number of Firstar executives from Milwaukee to Minnesota. The influx of more than a dozen top Firstar personnel is expected to take place over the next few months. The headquarters of the combined bank will be in Minneapolis and the combined firm will keep the U.S. Bancorp name. Firstar CEO Jerry Grundhofer becomes CEO of the new, $160 billion U.S. Bancorp. Grundhofer, who replaces his older brother, Jack, in the role of USB CEO, reportedly already has located property in the Twin Cities and expects to move here by the fall. Jack Grundhofer becomes chairman of the combined organization. He will retire next year... The bank will be based in Minneapolis, retain the U.S. Bancorp name and span 24 states with nearly 2,200 branches. The bank will have $107 billion in deposits and 51,000 employees. (Firstar had 23,000, USB 28,000.) The combined bank plans to cut $266 million in expenses over three years, but few layoffs are planned because there was little geographic overlap between the banks. The New CEO will be former Firstar CEO Jerry Grundhofer. Former USB CEO John Grundhofer will be the chairman and retire in 2002.
Milwaukee-based Firstar Corp. will sell 11 of its branches to Bremer Bank in St. Paul to comply with market-share rules governing its pending purchase of U.S. Bancorp. The branches are all in the Twin Cities and represent $760 million in deposits, about one-third of Firstar's current Minnesota franchise. The combined U.S. Bancorp-Firstar will have 90 branches in the Twin Cities after the divestiture, scheduled to take place in June.
Two Firstar bank branches in Council Bluffs will be sold to West Des Moines, Iowa - based Liberty Bank FSB as part of the merger of Firstar Corp. and U.S. Bancorp. The Tuesday morning announcement was made within a day of Justice Department approval of the $21.2 billion merger that would create the nation's eighth largest bank, which is to carry the U.S. Bancorp name.