United Bank of America, or “Bank of America”, US Bancorp (NYSE: USB) was founded in 1863 and is headquartered in Minneapolis, Minnesota (Minneapolis, Minnesota). It has 74,000 full-time employees and is a diversified company. Financial services holding company, the parent company is the US Bank National Association (US Bank National Association)
US Bancorp (USB):
United Bank of America ( Bank of America ) is a national chartered bank supervised by the Office of the Comptroller of the Currency and the Office of the Treasury. It provides complete financial brokerage services through its subsidiaries and ATMs, and provides consumers, businesses and The agency provides banking, brokerage, insurance, investment, mortgage, trust and payment services.
As of FDIC data as of December 31, 2018, in terms of assets, United Bank of America is the fifth largest bank in the United States, while in terms of the number of branches, United Bank of America (3018 branches + 4,681 ATMs) is ranked After Wells Fargo, Bank of America , Citibank, etc., the fourth largest commercial bank in the United States, in terms of deposits, US Bancorp is the fifth largest bank in the United States.
History of US Bancorp (USB):
- In 1853, Farmers and Millers Bank was established in Milwaukee, Milwaukee, and later grew into First National Bank of Milwaukee, later renamed First Wisconsin, and later renamed Firstar;
- In 1863, First National Bank of Cincinnati was established in Cincinnati;
- In 1864, First National Bank of Minneapolis was founded, which is also one of the core assets of United Bank of America;
- In 1895, the United States National Bank of Portland, the predecessor of the United States Bank, was founded;
- In 1902, it merged with Ainsworth National Bank of Portland and retained the name of United States National Bank;
- In 1913, federal law prohibited the word “United States” from appearing in any new bank name (the original approved bank can continue to be used);
- In 1929, First National Bank of Minneapolis merged with First National Bank of St. Paul and several other small banks to form: First Bank Stock Corporation;
- In 1964, the United States National Bank of Portland was renamed the United States National Bank of Oregon.
- In 1968, First Bank Stock Corporation was renamed First Bank System;
- In 1993, Colorado National Bank in Denver was merged into First Bank System;
- In 1995, all the above banks and West One Bancorp of Boise were merged into US Bancorp;
- In 1997, US Bancorp merged into First Bank System and the new company was named after US Bancorp;
- In 1999, Firstar merged with Star Bank;
- On February 27, 2001, Firstar acquired US Bancorp, and the new company retained the name of US Bancorp;
- On November 21, 2008, US Bank acquired Downey Savings & Loan Assn FA from Downey Financial Corp, and at the same time acquired Pomona First Fed Bk & Tr (PFF) from PFF Bancorp Inc.;
- At the end of 2008, US Bancorp ranked the sixth largest commercial bank in the United States with total assets of US$266 billion;
- On October 5, 2009, US Bancorp acquired Fiduciary Management, Inc’s mutual fund management and accounting services division;
- On October 7, 2009, US Bancorp acquired the bond business of First Citizens Bank, a subsidiary of First Citizens BancShares Inc;
- On October 14, 2009, US Bank acquired the Nevada banking under BB&T Corp;
- On October 20, 2009, US Bancorp completed the acquisition of 9 branches of FBOP Corporation: National Association (AZ), California National Bank (CA), Citizens National Bank (TX), Community Bank of Lemont (IL), Madisonville State Bank (TX), North Houston Bank (TX), Pacific National Bank (CA), Park National Bank (IL) and San Diego National Bank (CA);
- On January 28, 2011, United Bank of America acquired First Community Bank of New Mexico (First Community Bank of New Mexico), including its assets and deposits;
- On January 27, 2012, US Bancorp acquired BankEast in Knoxville, Tennessee, including assets and deposits. The latter’s 10 branches were all renamed US Bancorp the next day;
- On January 7, 2014, United Bank of America acquired 94 Chicago branches of Charter One Bank from RBS Citizens Financial Group;
- In January 2015, CFO Andrew Cecere was promoted to CEO. One year later, Cecere also served as chairman;
- In January 2017, US Bancorp announced that Richard Davis, Chairman and Chief Executive Officer (Richard Davis), would hand over his CEO position to President and Chief Operating Officer Andrew Cecere in April 2017. ), while still serving as the chairman of the company. Davis officially retired from the company in April 2018 and transferred the chairmanship to Cecere.
- In February 2018, the bank was accused by the Ministry of Justice of failing to take measures to prevent illegal activities. In order to delay the prosecution, Bank of America agreed to pay a fine of $613 million and agreed to take steps to prove to the authorities that it has improved the monitoring of its customer transactions. In September 2018, $505 million was distributed to customers of an illegal payday loan company whose suspicious activities were not reported by US Bancorp.