US Bank can trace its beginnings back to 1891 as the United States National Bank of Portland. 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. It became the United States National Bank of Oregon in 1964.
In 1997, the company merged with First Bank System to become U.S. Bancorp.
In 1999, the company was acquired by Firstar who chose to keep the U.S. Bancorp name. The company headquarters were moved to Minneapolis, MN.
In 2008, the company received $6.5 billion in US government bailout money. It repaid the loan in mid-2009 and was among the first banks to do so.
In 2009, the company acquired Fiduciary Management’s mutual fund division, First Citizens Bank’s bond division, BB&T Corp, and 9 subsidiary banks from FBOP.
The company began using a mobile phone app in 2010 and was one of the first banks to allow “deposit by photo” in 2012.
In 2011, the company acquired First Community Bank of New Mexico.
In 2012, the company acquired BankEast.
In October 2020, the company decided to close more than 7 Milwaukee branches and a full 20 percent of all Colorado branches due to a drop in profits during the 3rd quarter.
While bank stock prices in general have dropped significantly during 2020 due to the coronavirus, financial experts insist that these stocks are worth snatching up and holding on to.
Today, US Bank is the 5th largest bank in the US with more than 32,000 branches and almost 5,000 ATM’s.