About U.S. Bancorp

U.S. Bancorp operates as a financial services holding company. The company serves millions of local, national and global customers. The company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. The company’s banking subsidiary, U.S. Bank National Association (USBNA), is engaged in the general banking business, principally in domestic markets. USBNA provides 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 to large national customers operating in specific industries targeted by the company, such as healthcare, utilities, oil and gas, and state and municipal government. Lending services include traditional credit products, as well as credit card services, lease financing and import/export trade, asset-backed lending, agricultural finance and other products. Depository services include checking accounts, savings accounts and time certificate contracts. Ancillary services, such as capital markets, treasury management and receivable lock-box collection are provided to corporate and governmental entity customers. The company’s bank and trust subsidiaries provide a full range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations. The company’s other non-banking subsidiaries offer investment and insurance products to the company’s customers principally within its domestic markets, and fund administration services to a broad range of mutual and other funds. Banking and investment services are provided through a network of banking offices across 26 states, principally operating in the Midwest and West regions of the United States. A significant percentage of consumer transactions are completed using USBNA's digital banking services, both online and through its digital app. The company operates a network of 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 domestic markets. Lending products may be originated through banking offices, indirect correspondents, brokers or other lending sources. The company is also one of the largest providers of corporate and purchasing card services and corporate trust services in the United States. The company’s wholly-owned subsidiary, Elavon, Inc. (‘Elavon’), provides domestic merchant processing services directly to merchants. Wholly-owned subsidiaries of Elavon provide similar merchant services in Canada and segments of Europe. The company also provides corporate trust and fund administration services in Europe. These foreign operations are not significant to the company. Business Segments The company’s major lines of business are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support. Wealth, Corporate, Commercial and Institutional Banking Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, government and institutional clients. Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATM processing, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners. Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing. Treasury and Corporate Support Treasury and Corporate Support includes the company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business lines, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis. Loans As of December 31, 2023, the company’s loans included commercial loans, commercial real estate loans, residential mortgages loans, credit cards, and other retail loans. Deposits As of December 31, 2023, the company’s deposits included interest-bearing deposits, such as interest checking, money market savings, savings accounts, and time deposits. Investment Portfolio As of December 31, 2023, the company’s investment portfolio included U.S. Treasury and agencies; mortgage-backed securities; asset-backed securities; obligations of state and political subdivisions; and other securities. Supervision and Regulation The company is registered as a bank holding company under the Bank Holding Company Act of 1956 (the ‘BHC Act’), and has elected to be treated as a financial holding company under the BHC Act. As a BHC, the company is subject to regulation under the Bank Holding Company Act of 1956 (BHC Act) and to inspection, examination and supervision by the Federal Reserve. USBNA and its subsidiaries are subject to regulation, examination, and supervision primarily by the Office of the Comptroller of the Currency (the ‘OCC’) and also by the FDIC, the Federal Reserve, the Consumer Financial Protection Bureau (the ‘CFPB’), the Securities and Exchange Commission (the ‘SEC’), and the Commodities Futures Trading Commission (the ‘CFTC’) in certain areas. As a BHC with over $100 billion in total consolidated assets, the company is subject to the Dodd-Frank Act’s enhanced prudential standards, as applied to ‘Category III’ institutions under the federal banking regulators’ rules that tailor how enhanced prudential standards apply to large U.S. banking organizations (the ‘Tailoring Rules’). Under the Dodd-Frank Act, as modified by the Economic Growth, Regulatory Relief and Consumer Protection Act and the Tailoring Rules, large bank holding companies, such as the company, are subject to certain enhanced prudential standards based on the banking organization’s size and certain ‘risk-based indicators.’ Deposits at USBNA are insured up to the applicable limits. The DIF (deposit insurance fund) is funded through assessments on insured depository institutions, including USBNA, based on the risk each institution poses to the DIF. Under the Federal Reserve Act and the Federal Reserve’s Regulation W, USBNA and its subsidiaries are subject to quantitative and qualitative limits on extensions of credit (including credit exposure arising from repurchase and reverse repurchase agreements, securities borrowing and derivative transactions), purchases of assets, and certain other transactions with the company or its other non-bank subsidiaries and affiliates. The company is subject to several federal laws that are designed to combat money laundering and terrorist financing, and to restrict transactions with persons, companies, or foreign governments sanctioned by United States authorities. This category of laws includes the Bank Secrecy Act (the ‘BSA’), the Money Laundering Control Act, the USA PATRIOT Act (collectively, ‘AML laws’), and implementing regulations for the International Emergency Economic Powers Act and the Trading with the Enemy Act, as administered by the United States Treasury Department’s Office of Foreign Assets Control (‘sanctions laws’). USBNA is subject to the provisions of the Community Reinvestment Act (CRA). The OCC assesses USBNA on its record in meeting the credit needs of the community served by USBNA, including low- and moderate-income neighborhoods. The company conducts a broad range of securities activities, both retail and institutional, in the United States through U.S. Bancorp Investments, Inc., PFM Fund Distributors, Inc. and U.S. Bancorp Advisors, LLC (collectively, ‘broker-dealer entities’). These activities are subject to regulations of the SEC, the Financial Industry Regulatory Authority and other authorities, including state regulators. In addition, the company’s broker-dealer entities are members of the Securities Investor Protection Corporation, which oversees the liquidation of member broker-dealers that close when the broker-dealer is bankrupt or in financial distress and imposes membership fee assessments and other reporting requirements on the broker-dealer entities. The operations of the First American family of funds, the company’s proprietary money market fund complex, also are subject to regulation by the SEC, including rules requiring a floating net asset value for institutional prime and tax-free money market funds and permitting the board of directors of the money market funds the ability to limit redemptions during periods of stress (allowing for the use of liquidity fees and redemption gates during such times). Under the Dodd-Frank Act, USBNA, as a CFTC registered swap dealer, is subject to rules regarding the regulation of the swaps marketplace and over-the-counter derivatives, including rules that require swap dealers and major swap participants to register with the CFTC, to meet robust business conduct standards to lower risk and promote market integrity, to meet certain recordkeeping and reporting requirements so that regulators can better monitor the markets, to centrally clear and trade swaps on regulated exchanges or execution facilities, and to be subject to certain capital and margin requirements. CFTC rules also require USBNA to be a member of the National Futures Association, a self-regulatory organization with authority over swap dealers. Section 13 of the BHC Act and its implementing regulations, commonly referred to as the ‘Volcker Rule,’ prohibit banking entities from engaging in proprietary trading, and prohibit certain interests in, or relationships with, hedge funds or private equity funds. The Volcker Rule applies to the company, USBNA and their affiliates, and compliance requirements are tailored based on the size and scope of trading activities. The company has a Volcker Rule compliance program in place that covers all of its subsidiaries and affiliates, including USBNA. The company is subject to the California Consumer Protection Act of 2018 and its implementing regulations, as amended in 2020 by the California Privacy Rights Act (the ‘CCPA’), which provided residents of California with specific rights with respect to the collection of their personal information. The process of drafting and finalizing implementing regulations for the CCPA is ongoing. A significant overhaul of the Fair Credit Reporting Act (FCRA) is expected to be issued in the first half of 2024, which will impact USBNA and its subsidiaries. USBNA and its subsidiaries are subject to supervision and regulation by the CFPB with respect to federal consumer laws. As a public company, the company is subject to the requirements of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended (the ‘Exchange Act’), and the rules and regulations promulgated by the SEC thereunder, as administered by the SEC. History U.S. Bancorp was founded in 1863. The company was incorporated in Delaware in 1929.

Country
Industry:
Commercial banks
Founded:
1863
IPO Date:
01/02/1980
ISIN Number:
I_US9029733048
Address:
800 Nicollet Mall, Minneapolis, Minnesota, 55402, United States
Phone Number
651-466-3000

Key Executives

CEO:
Cecere, Andrew
CFO
Stern, John
COO:
Badran, Souheil