US bank is a subsidiary of US Bancorp which is among the ten largest bank holding companies in the United States. The US bank offer various services to its customers including:
- Commercial and consumer loan
- Credit cards
- Mortgage banking
- Brokerage services
- Merchant processing
- Investment management
- Corporate payment solutions
It has more than 3,000 branches and more than 5,000 ATMs in many states in the West and the Midwest. This branches and ATMs also include an extensive network inside grocery stores. Among the markets California is the largest.
During the economic turmoil which brought down many banks, US Bancorp has actually grown. It scooped up the banks that failed and were by seized the regulators after the recession struck the world wide economy. This strategy allowed them to add more branches, deposits, loans and also the customers to their networks. In addition to the loan growth and the deposits, the US Bancorp reached a record net income in the last three years. In addition the company also made its non performing assets functional when the US economy stated to improve after the credit crisis.
In 2011 US Bancorp expanded its fleet acquiring the banking operations of First Community Bank in the New Mexico. Last year, US Bancorp acquired the banking operations of Bank East. This acquisition, facilitated by the FDIC did not include any assets of Bank East’s parent company but it helped add about 40 branches to the US Bancorp Network. US Bancorp also bought some branches and deposits from BB&T in Nevada in the year 2010. BB&T has actually acquired the operations of these banks from the failed Colonial BancGroup.
In another deal facilitated by the FDIC, US Bancorp acquired 9 failed Banks in 2009 which were the subsidiaries of FBOP Corporation. The acquisition added nearly 150 branches to the US bank network across the States of California, Arizona and Illinois. In 2008 the company also acquired the failed operations of PFF bank and Trust and Downey Savings and Loan with assistance from FDIC.
With the expansion in their network the US Bancorp has also kept their focus on increasing the fee based services like corporate trust, merchant processing, treasury management, freight payment and institutional custody. In addition US bank is also the largest provider of corporate payment services and credit cards to the Government. Elavon is US Bancorp’s largest fee-collecting subsidiary. It processes the corporate credit card transaction of a large scale across US, Canada, Europe and Latin America.
US Bank acquired the trust bond business of AmeriServ Financial and First Citizens Bancshares in 2009. Following year, it also acquired FNB Corporation’s corporate trust administration business and Bank of America’s securitization trust administration business. With these acquisitions the administrative corporate trust assets of the bank raised to about $3 trillion.
US bank made a similar acquisition in 2012 when it bought the institutional trust business of the Union Bank. This acquisition added more than 4,300 client relationships which represented administrative assets of $42 billion. Last year US bank also acquired the corporate trust business of UMB bank. US Bancorp is looking to consistently expand its network right through out the world through more acquisitions. For information about different services offered by the US bank you can visit this link.