US Bancorp

By: EconomyWatch   Date: 17 July 2010

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US Bancorp is a major name in banking sector of United States of America. US Bancorp is ranked #118th in 2008 Forbes Global 2000 list. This position is indicative of predominance of US Bancorp in US banking scenario.
US Bancorp is regarded as sixth biggest commercial bank of United States of America. There are 4,903 ATMs and 2,556 banking offices of US Bancorp. Its customer group includes consumers, institutions and businesses.

Brief history
US Bancorp is a result of a number of mergers and acquisitions. This organization was established as result of a merger between Star Bank and Firstar Corporation, which took place in 1999.

Products and services
Products and services of US Bancorp are provided in three separate categories – personal products and services, commercial and government products and services, and small business products and services.

In personal products and services section, major products and services include online account access, checking and savings accounts, credit cards and prepaid cards, mortgages, loans, and lines of credit and financial management.

In small business products and services section, major categories are checking and savings accounts, credit, loans and leasing, employee services, business services, and tools and resources. In commercial and government products and services section, major categories are deposits and payment solutions, financing, capital and leasing, employee services, trust and investing, industry expertise, and corporate payment systems.

Financials
In 2007, sales of US Bancorp amounted to around $20.31 billion and it earned profits worth nearly $4.32 billion. Assets held by US Bancorp were worth about $237.62 billion and its market value stood at nearly $55.39 billion. At present its assets are worth baout $247 billion.

Awards and recognition
Three lady employees of US Bancorp, Pam Joseph, Leslie Godridge and Diane Thormodsgard, have been recognized as leading banking team of United States of America. They received this award for third consecutive time.

Current financial crisis
US Bancorp, along with other leading US banks like Chase, Wells Fargo and Bank of America, has been affected negatively as a result of ongoing financial crisis. In quarter spanning July to September 2008, these banks have experienced a 68 percent loss in profits. However, funds provided by Federal government have helped US Bancorp to stay afloat.



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