U.S. Bancorp

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U.S. Bancorp (stylized as us bancorp) is an American multinational financial services firm headquartered in Minneapolis, Minnesota and incorporated in Delaware. It is the 5th-largest bank in the United States as of 2025. As the largest bank in the Midwestern United States, it is considered systemically important by the Financial Stability Board. 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. Since inception dozens of regional mergers and acquisitions throughout the Upper Midwest and Western United States 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 Fortune 500, with its public stock trading within both the S&P 500 and S&P 100 indexes.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> It was included in the 2024 Forbes Global 2000 for its sales, profitability, asset base, and market value, among other financial institutions.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

HistoryEdit

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One U.S. Bank Plaza in downtown St. Louis, Missouri

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The U.S. Bank tower in downtown Denver, Colorado

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U.S. Bank tower in Salt Lake City, Utah

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U.S.. Bank Center in Milwaukee, Wisconsin

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U.S. Bank Building in Sheboygan, Wisconsin

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U.S. Bancorp footprint

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United States National Bank of Portland, Oregon

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Downtown Minneapolis; Capella Tower is the circular building on the center-right.

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U.S. Bank in Hudson, Ohio

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The U.S. Bank Tower in downtown Los Angeles, California

The U.S. Bank name first appeared as United States National Bank of Portland, established in Portland, Oregon, in 1891.<ref name=richheritage>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In 1902, it merged with Ainsworth National Bank of Portland, but kept the U.S. National Bank name.<ref name=richheritage/> It changed its name to the United States National Bank of Oregon in 1964.<ref name=richheritage/>

The central part of the franchise dates from 1864, with the formation of First National Bank of Minneapolis.<ref name=richheritage/> 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.<ref name=richheritage/>

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.<ref name=richheritage/> In Cincinnati, 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> U.S. Bancorp claims 1863 as its founding date.<ref name=richheritage/> 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.<ref name=richheritage/>

U.S. Bancorp of Oregon eraEdit

In January 1969, the U.S. National Bank of Oregon reorganized as a holding company, U.S. Bancorp,<ref name="wsj-1969jan06">Template:Cite news</ref> after receiving authorization from its bank directors on September 9, 1968<ref name="wsj-1968sep09">Template:Cite news</ref> and subsequently receiving legal approval to proceed from the Comptroller of the Currency on November 28, 1968.<ref name="wsj-1968nov29">Template:Cite news</ref> 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.<ref name="wsj-1969feb25">Template:Cite news</ref> Wilson later resigned as president in December 1972<ref name="wsj-1972dec26">Template:Cite news</ref> and his position was filled eight months later by John A. Elorriaga.<ref name="wsj-1973aug28">Template:Cite news</ref>

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.<ref name="lat-1974oct29">Template:Cite news</ref>

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.<ref name="wsj-1983aug30">Template:Cite news</ref>

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 the Phoenix, Arizona, company of the same name) with its five-branch Valley National Bank of Forest Grove subsidiary for $13.7 million (~$Template:Format price in Template:Inflation/year) in stock.<ref name="wsj-1986dec08">Template:Cite news</ref>

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 $174 million (~$Template:Format price in Template:Inflation/year).<ref name="spi-1986dec18">Template:Cite news</ref><ref name="st-1986dec18">Template:Cite news</ref> 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.<ref name="st-1987jun30">Template:Cite news</ref>

In December 1986, U.S. Bancorp of Oregon announced the pending acquisition of the Camas, Washington-based Heritage Bank for $2.8 million (~$Template:Format price in Template:Inflation/year).<ref name="lat-1986dec25">Template:Cite news</ref><ref name="spi-1986dec25">Template:Cite news</ref>

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 $275 million (~$Template:Format price in Template:Inflation/year) in stock.<ref name="nyt-1987may20">Template:Cite news</ref><ref name="st-1987may19">Template:Cite news</ref> The acquisition was completed in December 1987.<ref name="spi-1988jan01">Template:Cite news</ref> 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.<ref name="wsj-1987oct27">Template:Cite news</ref><ref name="spi-1987nov02">Template:Cite news</ref>

In December 1987, U.S. Bancorp of Oregon announced the pending acquisition of the Bellingham, Washington-based Mt Baker Bank for $25 million (~$Template:Format price in Template:Inflation/year).<ref name="wsj-1987dec17">Template:Cite news</ref>

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 $15.3 million (~$Template:Format price in Template:Inflation/year) in cash.<ref name="to-1988apr09">Template:Cite news</ref> The acquisition was completed in December 1988 and was renamed U.S. Bank of California.<ref name="bw-1989jun12">Template:Cite press release</ref>

In April 1988, U.S. Bancorp of Oregon announced the pending acquisition of the Bellingham, Washington-based Northwestern Commercial Bank for $15.5 million (~$Template:Format price in Template:Inflation/year).<ref name="wsj-1988apr28">Template:Cite news</ref> The acquisition was completed in November 1988.<ref name="bw-1988nov17">Template:Cite press release</ref>

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 $4.25 million (~$Template:Format price in Template:Inflation/year) in cash.<ref name="spi-1988jul23">Template:Cite news</ref>

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 $5.3 million (~$Template:Format price in Template:Inflation/year).<ref name="to-1989oct19">Template:Cite news</ref> The acquisition was completed in August 1990.<ref name="to-1990aug26">Template:Cite news</ref> 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.<ref name="sfc-1991jul29">Template:Cite news</ref> 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 to allow the relocation of bank headquarters within 30 miles of their present location without regards to state boundaries and state regulations.<ref name="bw-1990mar13">Template:Cite press release</ref> 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.<ref name="bw-1992feb19">Template:Cite press release</ref>

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 $107.8 million (~$Template:Format price in Template:Inflation/year) in stock.<ref name="to-1990jul18">Template:Cite news</ref> At the time of the announcement, Heart Federal Savings had 29 branch offices in northern California. The acquisition was completed in March 1991 for $118 million (~$Template:Format price in Template:Inflation/year).<ref name="upi-1991mar28">Template:Cite news</ref>

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.<ref name="wsj-1991nov05">Template:Cite news</ref>

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 $70 million (~$Template:Format price in Template:Inflation/year) that were being divested by Bankamerica Corporation as a result of Bank of America's impending acquisition of Security Pacific Corporation.<ref name="lat-1992feb27">Template:Cite news</ref><ref name="sb-1992feb27">Template:Cite news</ref><ref name="prn-1992feb27">Template:Cite press release</ref> 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.<ref name="wsj-1993jan14">Template:Cite news</ref> Ten months later, Jensen resigned to become president of Visa Inc.<ref name="nyt-1993oct27">Template:Cite news</ref> In January 1994, Gerry Cameron was first appointed chief operating officer as a replacement to Jensen<ref name="prn-1994jan06">Template:Cite press release</ref> and later appointed chief executive officer just three weeks later.<ref name="to-1994jan27">Template:Cite news</ref> Kelly submitted his resignation as president in March 1994<ref name="to-1994mar19">Template:Cite news</ref> and Breezley finally gave up the chairmanship to Cameron in April 1994.<ref name="nyt-1994apr20">Template:Cite news</ref><ref name="st-1994apr20">Template:Cite news</ref>

In May 1995, U.S. Bancorp of Oregon announced the pending acquisition of the Boise, Idaho-based West One Bancorp for $1.8 billion (~$Template:Format price in Template:Inflation/year).<ref>Template:Cite news</ref><ref name="to-1995may09">Template:Cite news</ref> 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.<ref>Template:Cite news</ref> 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.<ref name="tsr-1995dec12">Template:Cite news</ref> 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.<ref name="st-1995dec05">Template:Cite news</ref><ref name="tsr-1995dec05">Template:Cite news</ref>

In February 1996, U.S. Bancorp of Oregon announced the pending acquisition of the San Ramon, California-based California Bancshares for $309 million (~$Template:Format price in Template:Inflation/year) in stock.<ref name="lat-1996feb13">Template:Cite news</ref> 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.<ref name="upi-1996jun06">Template:Cite news</ref>

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 $15.5 million (~$Template:Format price in Template:Inflation/year).<ref name="dn-1996sep26">Template:Cite news</ref> The acquisition was completed in January 1997.<ref name="slt-1997jan04">Template:Cite news</ref>

In December 1996, U.S. Bancorp of Oregon announced the pending acquisition of the Sacramento, California-based Business & Professional Bank for $35 million (~$Template:Format price in Template:Inflation/year) in cash.<ref name="to-1996dec28">Template:Cite news</ref> The acquisition was completed in May 1997.<ref name="prn-1997may01">Template:Cite press release</ref>

First Bank System eraEdit

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First Bank System used this logo from 1979. It incorporates the silhouette of the number one.

In March 1997, the Minneapolis, Minnesota-based First Bank System announced the pending acquisition of U.S. Bancorp of Oregon for $9 billion (~$Template:Format price in Template:Inflation/year) in stock.<ref>Template:Cite news</ref><ref name="ct-1997mar20">Template:Cite news</ref><ref name="tsr-1997mar21">Template:Cite news</ref> 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.<ref name="mst-1997aug02">Template:Cite news</ref> Approximately 4000 jobs were eliminated, mostly in Portland.<ref name="to-1997aug02">Template:Cite news</ref>

Brief history of First Bank prior to acquisitionEdit

{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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.<ref name="wsj-1968apr25">Template:Cite news</ref>

U.S. Bancorp after takeover by First Bank SystemEdit

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.<ref>Template:Cite press release</ref> 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.<ref name="mst-1997dec16">Template:Cite news</ref>

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.<ref name="tsr-1998mar14">Template:Cite news</ref><ref name="mspbj-1998mar13">Template:Cite news</ref> 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.<ref name="spi-1998oct10">Template:Cite news</ref> The acquisition was completed in December 1998 after U.S. Bancorp sold the requested banking office to Centennial Bank of Eugene.<ref name="tc-1998dec16">Template:Cite news</ref>

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.<ref name="sppp-1998dec24">Template:Cite news</ref><ref name="mst-1998dec29">Template:Cite news</ref>

In February 1999, U.S. Bancorp announced the pending acquisition of the San Diego-based Bank of Commerce with its 10 branch offices for $314 million (~$Template:Format price in Template:Inflation/year) in stock.<ref name="mst-1999feb19">Template:Cite news</ref><ref name="lat-1999feb19">Template:Cite news</ref><ref name="nyt-1999feb20">Template:Cite news</ref> The acquisition was finalized in July 1999.<ref name="mspbj-1999jul19">Template:Cite news</ref> r 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 subsidiaries and a total of 31 branch offices for $904 million (~$Template:Format price in Template:Inflation/year) in stock.<ref>Template:Cite news</ref><ref name="nyt-1999may20">Template:Cite news</ref> At the time of the announcement, U.S. Bancorp had 98 branch offices within California. The acquisition was finalized in November 1999 for $1.04 billion (~$Template:Format price in Template:Inflation/year) in stock.<ref name="lat-1999nov17">Template:Cite news</ref><ref name="prn-1999nov16">Template:Cite news</ref> 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.<ref name="mst-1999jul22">Template:Cite news</ref><ref name="prn-1999jul21">Template:Cite press release</ref> 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<ref name="ct-2000nov08">Template:Cite news</ref> 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 $104 million (~$Template:Format price in Template:Inflation/year) in stock.<ref name="nyt-1999sep03">Template:Cite news</ref><ref name="lat-1999sep03">Template:Cite news</ref><ref name="mst-1999sep03">Template:Cite news</ref><ref name="sdut-1999sep03">Template:Cite news</ref> 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.<ref name="sdut-2000jan07">Template:Cite news</ref> The acquisition was later completed in January 2000 at a 10% reduction of the original price negotiated.<ref name="sdut-2000jan19">Template:Cite news</ref>

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 $155 million (~$Template:Format price in Template:Inflation/year) in stock.<ref name="prn-2000jun27">Template:Cite press release</ref> The acquisition was completed in October 2000.<ref name="prn-2000oct13">Template:Cite press release</ref>

Firstar eraEdit

In October 2000, Firstar Corporation of Milwaukee, Wisconsin, announced the pending acquisition of U.S. Bancorp for $21 billion (~$Template:Format price in Template:Inflation/year) in stock.<ref name="nyt-2000oct05">Template:Cite news</ref><ref name="prn-2000oct04">Template:Cite press release</ref><ref name="lat-2000oct05">Template:Cite news</ref> 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.<ref>Template:Cite press release</ref> 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.<ref name="lat-2000oct05" /><ref name="mst-2001feb27">Template:Cite news</ref> The merged company retained some administrative functions in Milwaukee and Cincinnati.

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.<ref>Template:Cite press release</ref> Bremer Bank of Saint Paul, Minnesota, purchased the 11 Minneapolis-area Firstar offices<ref name="mspbj-2001jan31">Template:Cite news</ref><ref name="mst-2001feb01">Template:Cite news</ref> while Liberty Bank of West Des Moines, Iowa, purchased the 2 Council Bluffs offices.<ref name="cbj-2001feb06">Template:Cite news</ref><ref name="owh-2001feb06">Template:Cite news</ref>

Brief history of Firstar prior to acquisitionEdit

{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} 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 FirstarEdit

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.<ref name="lat-2001apr24">Template:Cite news</ref><ref name="prn-2001jun05">Template:Cite press release</ref> The acquisition was completed in September 2001.<ref name="prn-2001sep10">Template:Cite press release</ref><ref name="pbn-2001sep10">Template:Cite news</ref>

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 $429 million (~$Template:Format price in Template:Inflation/year).<ref name="sfbt-2002jul22">Template:Cite news</ref><ref name="prn-2002jul22">Template:Cite press release</ref> The acquisition was completed in November 2002.<ref name="prn-2002nov01">Template:Cite press release</ref>

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.<ref name="mbj-2002dec18">Template:Cite news</ref>

In May 2004, U.S. Bancorp announced that it was acquiring the $34 billion (~$Template:Format price in Template:Inflation/year) corporate trust bond administration business from National City Corporation.<ref name="bw-2004may25">Template:Cite press release</ref><ref name="cbf-2004may25">Template:Cite news</ref><ref name="bw-2004oct19">Template:Cite press release</ref>

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.<ref name="mspbj-2004oct19">Template:Cite news</ref> 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<ref name="ce-1998jul02">Template:Cite news</ref> 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.<ref name="bw-2005may10">Template:Cite press release</ref>

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.<ref name="mspbj-2005nov29">Template:Cite news</ref>

In July 2006, U.S. Bancorp announced that it was acquiring the $123 billion (~$Template:Format price in Template:Inflation/year) municipal and corporate bond trustee business from SunTrust.<ref name="bw-2006jul25">Template:Cite press release</ref>

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 $98.6 million (~$Template:Format price in Template:Inflation/year) in cash.<ref name="mspbj-2006jun01">Template:Cite news</ref> The acquisition was completed in September 2006.<ref name="bw-2006sep01">Template:Cite press release</ref>

In November 2006, U.S. Bancorp announced that it was acquiring the $30 billion (~$Template:Format price in Template:Inflation/year) municipal bond trustee business from LaSalle Bank.<ref name="bw-2006nov10">Template:Cite press release</ref><ref name="mspbj-2006nov10">Template:Cite news</ref>

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 $71 million (~$Template:Format price in Template:Inflation/year) in stock.<ref name="slbj-2006nov07">Template:Cite news</ref> The acquisition was completed in February 2007 and nearly double the branch presence of U.S. Bank in Montana.<ref name="bw-2007feb07">Template:Cite press release</ref>

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.<ref name="bw-2006jul18">Template:Cite press release</ref><ref name="mspbj-2006jul18">Template:Cite news</ref><ref name="sppp-2006dec13">Template:Cite news</ref> After Grundhofer retirement in December 2007, Davis added the position of chairman to his other titles of president and chief executive officer.<ref name="bw-2007dec11">Template:Cite press release</ref>

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 undisclosed amount in cash.<ref name="bw-2008mar28">Template:Cite press release</ref> The acquisition was completed in June 2008.<ref name="nyt-2008jun03">Template:Cite news</ref>

On November 14, 2008, the U.S. Treasury invested $6,599,000,000 (~$Template:Format price in Template:Inflation/year) in preferred stock and warrants in the company via the Emergency Economic Stabilization Act of 2008.<ref>Template:Cite report</ref> Weeks earlier, U.S. Bancorp has entered into acquisition talks with National City Corp. and had made an offer to buy National City until PNC Financial Services used its portion of TARP funds to outbid U.S. Bancorp and acquire National City instead.<ref name="NatCity">Template:Cite news</ref> Had National City accepted U.S. Bancorp's offer, U.S. Bancorp would have expanded into Florida, Michigan and Pennsylvania (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 states, especially Ohio.

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 undisclosed amount.<ref>Template:Cite press release</ref> 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.<ref name="bw-2009apr24">Template:Cite press release</ref><ref name="to-2009apr26">Template:Cite news</ref> 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.<ref>Template:Cite news</ref>

On October 5, 2009, the company announced its acquisition of the $8 billion (~$Template:Format price in Template:Inflation/year) mutual fund administration and accounting servicing division of Fiduciary Management, Inc. for an undisclosed amount.<ref>Template:Cite news</ref><ref name="mjs-2009oct05">Template:Cite news</ref>

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.<ref>Template:Cite news</ref><ref name="bw-2009oct07">Template:Cite press release</ref>

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.<ref name="bw-2009oct30">Template:Cite press release</ref>

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.<ref>Template:Cite press release</ref> Each of the banks had one office each.<ref name="bw-2009oct30" />

In October 2009, BB&T Corporation (now Truist Financial) 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.<ref name="wsj-2009oct15">Template:Cite news</ref> The acquisition was completed in January 2010.<ref name="bw-2010jan19">Template:Cite press release</ref>

In July 2010, U.S. Bancorp sold its FAF Advisors subsidiary to Nuveen Investments for $80 million (~$Template:Format price in Template:Inflation/year) and a 9.5% stake in Nuveen.<ref name="ccb-2010jul29">Template:Cite news</ref><ref name="mst-2010jul29">Template:Cite news</ref>

In 2010, Huntington Bancshares announced it would take over the leases of bank branches inside Giant Eagle 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; the deal didn't affect Citizens branches inside Giant Eagle locations in Pennsylvania.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> The deal mostly didn't affect U.S. Bancorp, but it did lead to the withdrawal from the Youngstown, Ohio 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 & KeyBank), PNC Bank, and Chase Bank.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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 $380 million (~$Template:Format price in Template:Inflation/year).<ref>Template:Cite press release</ref> 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 $67.5 million (~$Template:Format price in Template:Inflation/year).<ref>Template:Cite press release</ref> The acquisition had included 10 offices in the Knoxville area.

In March 2013, U.S. Bancorp announced that it was acquiring the $57 billion (~$Template:Format price in Template:Inflation/year) municipal bond trustee business from Deutsche Bank.<ref name="mst-2013mar19">Template:Cite news</ref>

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 $315 million (~$Template:Format price in Template:Inflation/year),<ref name="cdb-2014jan07">Template:Cite news</ref> doubling its market share in Chicago.<ref name="ct-201jun23">Template:Cite news</ref> 13 Charter One branches were closed due to their close proximity to existing U.S. Bank offices.<ref name="ccb-2014apr29">Template:Cite news</ref> The acquisition was completed in June 2014.<ref name="ct-201jun23" />

In January 2015, chief financial officer Andrew Cecere was promoted to chief operating officer.<ref name="mspbj-2015jan20">Template:Cite news</ref> A year later, Cecere was given the additional position of president.<ref name="bw-2016jan19">Template:Cite press release</ref>

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.<ref name="sppp-2017jan17">Template:Cite news</ref> Davis officially retired from the company in April 2018 and Cecere became chairman, president and CEO.<ref name="tcbm-2018jan18">Template:Cite news</ref>

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 transaction moved a nominal amount between accounts at BNY Mellon and U.S. Bancorp in three seconds, inaugurating the first new payment clearance and settlement system for the US in over 40 years.<ref>Template:Cite news</ref>

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.<ref name=":0">Template:Cite news</ref> U.S. Bancorp agreed to pay $613 million in fines and implement measures to improve the monitoring of its customer transactions.<ref name=":0" /> 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.<ref>Template:Cite press release</ref>

In September 2018, Fiserv announced that it would acquire MoneyPass from US Bancorp for $690 million (~$Template:Format price in Template:Inflation/year).<ref name="marketwatch-2018sep25">Template:Cite news</ref> The deal was finalized in March 2019.<ref name="am-2019mar19">Template:Cite news</ref> The sale did not include Elan's credit card division,<ref>Template:Cite AV media</ref> which issued some of the most prominent cards including Fidelity, BMW and Mercedes-Benz.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> In December 2019, the bank dismissed Emily James, a Portland, Ore., call-center employee, and her supervisor, after James gave $20 (~$Template:Format price in Template:Inflation/year) 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.<ref>Template:Cite news</ref>

File:Fire Damage at U.S. Bank in Minneapolis (50783541497).jpg

U.S. Bank building damaged by arson in Minneapolis, Minnesota

In May 2020, the US Bancorp Center in downtown Minneapolis was damaged by rioting during the George Floyd protests in Minneapolis–Saint Paul. Two other bank branch locations on East Lake Street in Minneapolis were destroyed by arson. 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.<ref name=":1">Template:Cite news</ref><ref name=":15">Template:Cite news</ref>

On September 21, 2021, U.S. Bancorp agreed to purchase MUFG Union Bank's consumer business for $8 billion (~$Template:Format price in Template:Inflation/year). It is the bank's biggest deal since 2001 when it merged with Milwaukee-based Firstar Corp. for $21 billion (~$Template:Format price in Template:Inflation/year). 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.<ref>Template:Cite news</ref> The combined bank will have $723 billion in assets.<ref name="ffiec.gov"/> U.S. regulatory approval for the merger was announced on October 16 of 2022, and was completed as of December 1, 2022.<ref>Template:Cite news</ref><ref>Template:Cite news</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>Template:Cite news</ref>

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.<ref name="10K" /> The deal swaps debt with equity, strengthening U.S. Bancorp's alliance with Japan's largest bank.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Gunjan Kedia became CEO of U.S. Bancorp in mid-April 2025.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>