U.S. Bancorp, headquartered in Minneapolis, is the 8th largest financial services
holding company in the United States.
Through U.S. Bank' and other subsidiaries, U.S. Bancorp serves 11.6'million
customers, primarily through 2,243 full-service branch offices in 24 states.
Customers also access their accounts and conduct all or part of their banking
transactions through 4,425 U.S. Bank ATMs, U.S. Bank Internet Banking and telephone
banking. In addition, a network of specialized U.S. Bancorp offices and representatives
across the nation serves customers inside and outside our 24-state footprint
through comprehensive product sets that meet the financial needs of customers
beyond basic core banking. Backed by expertise and advanced technology, these
sophisticated U.S. Bancorp products and services include large corporate services,
payment services, private banking, personal and institutional trust services,
corporate trust services, specialized large-scale government banking services,
mortgage, commercial credit vehicles, and financial and asset management services.
Major lines of business provided by U.S. Bancorp through U.S. Bank and other
subsidiaries include Consumer Banking; Payment Services; Private Client, Trust
& Asset Management; and Wholesale Banking. U.S. Bank is home of the exclusive
U.S. Bank Five Star Service Guarantee.
The subsidiaries range in size from $26'million to $128'billion in deposits
and provide a wide range of products and services to individuals, businesses,
institutional organizations, governmental entities and other financial institutions.
Commercial and consumer lending services are principally offered to customers
within the Company's domestic markets, to domestic customers with foreign operations
and within certain niche national venues. Lending services include traditional
credit products as well as credit card services, financing and import/export
trade, asset-backed lending, agricultural finance and other products. Leasing
products are offered through bank leasing subsidiaries.
Depository services include checking accounts, savings accounts and time certificate
contracts. Ancillary services such as foreign exchange, treasury management
and receivable lock-box collection are provided to corporate customers. U.S.'
Bancorp's bank and trust subsidiaries provide a full range of asset management
and fiduciary services for individuals, estates, foundations, business corporations
and charitable organizations.
U.S. Bancorp's non-banking subsidiaries primarily offer investment and insurance
products to the Company's customers principally within its markets and mutual
fund processing services to a broad range of mutual funds.
Banking and investment services are provided through a network of 2,343 banking
offices principally operating in 24'states in the Midwest and West. The Company
operates a network of 4,425 branded ATMs and provides 24-hour, seven day a week
telephone customer service. Mortgage banking services are provided through banking
offices and loan production offices throughout the Company's markets.
Consumer lending products may be originated through banking offices, indirect
correspondents, brokers or other lending sources, and a consumer finance division.
The Company is also one of the largest providers of Visa' corporate and purchasing
card services and corporate trust services in the United States. A wholly-owned
subsidiary, NOVA Information Systems, Inc., provides merchant processing services
directly to merchants and through a network of banking affiliations.
U.S. Bancorp meets the diverse financial needs of our customers by providing
innovative, creative answers through specialized lines of business. Across 24
states and beyond, our experienced bankers share ideas, best practices, capabilities
and cross-sell opportunities, supported by advanced technology and operating
systems. The results are competitive benefits for our customers and competitive
advantages for U.S. Bancorp.
Competition. The commercial banking business is highly competitive. Subsidiary
banks compete with other commercial banks and with other financial institutions,
including savings and loan associations, mutual savings banks, finance companies,
mortgage banking companies, credit unions and investment companies. In recent
years, competition has increased from institutions not subject to the same regulatory
restrictions as domestic banks and bank holding companies.