other uses see bank of the united states . this article has multiple issues . please help improve it or discuss these issues on the talk page . learn how and when to remove these template messages this article needs additional citations for verification . please help improve this article by adding citations to reliable sources . unsourced material may be challenged and removed . august 2011 learn how and when to remove this template message this article contains content that is written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . october 2013 learn how and when to remove this template message learn how and when to remove this template message u.s. bancorp type public traded as nyse usb s & p 500 component industry banking financial services founded september 9 1968 ; 48 years ago 1968 09 09 headquarters minneapolis minnesota u.s. key people richard k. davis chairman . & ceo terry dolan vice chair & cfo andrew cecere pres. & coo p.w. parker chief risk officer mark g. runkel chief credit officer products credit cards consumer banking corporate banking investment banking global wealth management financial analysis private equity revenue us 21.494 bn 2015 1 us 21.392 bn 2014 1 operating income us 8.030 bn 2015 us 7.995 bn 2014 1 net income us 5.933 bn 2015 us 5.908 bn 2014 1 total assets us 428.64 bn 2016 2 total equity us 44.817 bn 12 2015 us 44.168 bn 1 12 2014 number of employees 67 000 rating moody s a1 12 2015 s & p a 12 2015 fitch aa 12 2015 dbrs aa 12 2015 website usbank.com u.s. bancorp nyse usb is an american financial services holding company based in minneapolis minnesota that is the parent company of the u.s. bank national association known as u.s. bank the 5th largest commercial bank in the united states . the company founded in 1929 has 422 billion in assets and operates 3 133 banking offices in 25 states and 4 936 atms and provides banking investment mortgage trust and payment services products to individuals businesses governmental entities and other financial institutions . 3 u.s. bank is a nationally chartered bank regulated by the office of the comptroller of the currency department of the treasury . contents 1 history 1.1 foundations 1.2 mergers and acquisitions 2 lines of business 2.1 payment services 2.2 wholesale banking 2.3 wealth management & securities services 2.4 consumer banking 2.5 overdraft litigation 3 rankings and awards 4 coverage 5 interesting facts 6 namesake buildings 7 see also 8 references 9 external links history edit foundations edit united states national bank of portland oregon u.s. bank was formed during the 1990s through the acquisitions of several major regional banks in the west and midwest . those banks in turn had grown from the mergers of numerous smaller banks throughout the years . since 1988 u.s. bank has acquired or merged with over 50 banks . citation needed downtown minneapolis ; u.s. bancorp center is the second unobstructed tower from the left . the u.s. bank name first appeared as united states national bank of portland established in portland oregon in 1891 ; it changed its name to the united states national bank of oregon in 1964 . in 1902 it merged with ainsworth national bank of portland but kept the u.s. national bank name . the decision turned out to be advantageous for the bank as a 1913 federal law prohibited other banks from using united states in their names from that time forward . u.s. national was among the first banks to form a bank holding company called u.s. bancorp on september 9 1968 . citation needed the central part of the franchise dates from 1864 with the formation of first national bank of minneapolis . in 1929 that bank merged with first national bank of st. paul also formed in 1864 and several smaller upper midwest banks to form the first bank stock corporation which changed its name to first bank system in 1968 . 4 5 6 7 in the eastern part of the franchise farmers and millers bank in milwaukee opened its doors in 1853 growing into the first national bank of milwaukee and eventually becoming first wisconsin and ultimately firstar . in cincinnati first national bank of cincinnati opened for business in 1863 under national charter 24 the charter that u.s. bancorp still operates under today and one of the oldest active national bank charters in the nation . despite having started up in the midst of the civil war first national bank of cincinnati would go on to survive many decades to grow into star bank . citation needed these banks thrived as independent entities . as opportunities arose each participated in in market mergers and acquisitions during the early decades of the 20th century and in more widespread expansions during the 1980s and 1990s including the 1993 transaction that brought colorado national bank in denver into the first bank system and west one bancorp of boise idaho coming into the original u.s. bancorp in 1995 . citation needed first bank system used this logo from 1979 . it incorporates the silhouette of the number one . mergers and acquisitions edit in 1997 u.s. bancorp merged into first bank system . although first bank system was the surviving company and corporate headquarters stayed in minneapolis the merged bank took the u.s. bancorp name . 4 in the following years u.s. bancorp expanded into california by acquiring several small institutions . 8 in 1999 firstar merged with star bank and acquired mercantile five months later . the present day company was formed when firstar bought u.s. bancorp a deal which closed on february 27 2001 . while firstar was the surviving company it changed its name to u.s. bancorp and moved its headquarters to minneapolis . citation needed on december 13 2001 two business lines of firstar switched to the u.s. bancorp name the first name changes after the firstar u.s. bancorp merger . 9 us bank in hudson ohio on november 14 2008 u.s. bancorp received 6 599 000 000 from the emergency economic stabilization act in the form of a preferred stock and related warrants . on november 21 2008 u.s. bank purchased downey savings & loan assn fa from downey financial corp and pomona first fed bk & tr pff from pff bancorp inc. ca . at year end 2008 u.s. bancorp had total assets of 266 billion and u.s. bank was the 6th largest commercial bank within the united states . on june 17 2009 u.s. bancorp redeemed the 6.6 billion of preferred stock and on july 15 2009 it completed the purchase of a warrant held by the u.s. treasury department . this effectively concluded u.s. bancorp s participation in the capital purchase program . it was among the first banks to repay the troubled asset relief program tarp funds . citation needed the us bank tower in downtown los angeles california during october 2009 us bancorp announced four separate acquisitions on october 5 2009 us bancorp announced its acquisition of the mutual fund administration and accounting servicing division of fiduciary management inc. citation needed on october 7 2009 u.s. bank agreed to buy the bond trustee business of first citizens bank a subsidiary of first citizens bancshares inc. citation needed on october 14 2009 u.s. bank agreed to acquire the nevada banking operations of bb & t corp. citation needed on october 20 2009 us bancorp completed a transaction to purchase fbop corporation s nine subsidiary banks from the fdic bankusa 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 . us bancorp subsequently sold the three banks in texas in 2010 to houston based prosperity bancshares . 10 on january 28 2011 us bancorp acquired the assets and deposits of first community bank of new mexico . that is the first entry into new mexico its 25th state . citation needed on january 27 2012 us bancorp acquired the assets and deposits of failed knoxville tennessee based bankeast which was closed by state regulators . the bank s ten branches were rebranded as us bank branches the following monday . citation needed on january 7 2014 us bancorp announced that it was acquiring 94 branches of charter one bank in chicago from rbs citizens financial group as of mid 2014 . it will double its market share in chicago . citation needed lines of business edit one us bank tower in downtown st. louis missouri the us bank tower in downtown denver colorado us bank tower in salt lake city utah us bank center in milwaukee wisconsin us bank building in sheboygan wisconsin u.s. bancorp operates four main lines of business that serve individuals businesses of all sizes municipalities and other financial institutions . u.s. bancorp and its subsidiaries including u.s. bank provide a selection of financial products and services to individuals businesses nonprofit organizations institutions and government entities . u.s. bank products and services are distributed primarily through four major lines of business . consumer banking delivers products and services to the consumer market and small businesses and encompasses community banking metropolitan banking small business banking consumer lending mortgage banking workplace banking student banking 24 hour banking and investment products from u.s. bank and investments brokerage financial planning and insurance products and services from u.s. bancorp investments inc. an affiliate of u.s. bank . wholesale banking offers lending depository treasury management and other financial services to middle market large corporate and public sector clients . payment services edit through its payment services line of business u.s. bancorp delivers payment solutions and services for individuals and businesses across the globe . citation needed elavon is a wholly owned u.s. bancorp subsidiary providing merchant processing services worldwide . citation needed these divisions are also part of payment services corporate payment systems elavon credit debit electronic check and gift card merchant processing retail payment solutions debit credit small business gift and specialty card issuance healthcare payment solutions financial institution services citation needed wholesale banking edit u.s. bancorp s wholesale banking business line serves large companies nonprofit organizations and municipalities . it provides deposit services payments treasury management services financing leasing investments and international trade financing . these functions are a part of wholesale banking at u.s. bancorp national corporate banking middle market commercial banking commercial real estate correspondent banking dealer commercial services foreign exchange government banking international banking treasury management business equipment finance & leasing small business administration sba division specialized industries and finance title industry banking homeowners association banking citation needed wealth management & securities services edit u.s. bancorp s wealth management & securities services business line provides services for individuals institutions businesses and municipalities to help build manage preserve and protect wealth as well as provide custody delivery and obligation services . citation needed included in this business line are the private client reserve 11 ascent private capital management 12 u.s. bancorp investments inc. u.s. bancorp insurance services llc corporate trust services institutional trust & custody u.s. bancorp asset management inc. formerly faf advisors inc. u.s. bancorp fund services llc citation needed consumer banking edit u.s. bancorp s consumer banking division serves consumers and small businesses . this line of business includes community banking metropolitan branch banking in store and corporate on site banking small business banking consumer lending 24 hour banking & financial sales home mortgage community development workplace and student banking transaction services atm and debit processing and services citation needed overdraft litigation edit u. s. bank has struggled to comply with the laws and regulations of the electronic fund transfers act . 13 u.s. bank is currently involved in a dispute