Is us bank and us bank national association the same -
Get answers to frequently asked questions.
Is U.S. Bank part of U.S. Bancorp?
Yes, U.S. Bancorp [NYSE: USB] is the publicly traded parent company of U.S. Bank. While we often use U.S. Bancorp in formal documents and corporate filings, U.S. Bank is what you’ll see on branch doorways, app stores, national television commercials and much more.
We also have a number of subsidiaries, some of which have variations on the U.S. Bancorp or U.S. Bank name like U.S. Bancorp Community Development Corporation and U.S. Bancorp Investments. Others are uniquely named, such as our global payment processing leader Elavon.
And to respond to a question we sometimes hear, U.S. Bank is not part of the U.S. government.
Where is U.S. Bank located?
U.S. Bancorp is a global company, and our headquarters are located at 800 Nicollet Mall in Minneapolis, Minnesota. You may also recognize our name from U.S. Bank Stadium®, which is about a mile from our headquarters and hosts various sports and entertainment events, including Super Bowl LII and the NCAA men’s basketball 2019 Final Four.
Our retail branch network in the United States is concentrated in the Midwest and West with a recent expansion to the East Coast, but our digital footprint is worldwide. In this increasingly digital age, our customers are located across the country and opt to bank via the U.S. Bank Mobile App. In fact, around 80% of consumer transactions and 65% of loan sales are now completed digitally.
We also have a significant international presence, with employees located in 13 countries. U.S. Bank subsidiary Elavon, for example, is the fourth-largest merchant acquirer in Europe, processing payments for many of the best-known retailers, restaurants, hotels and small- and medium-sized businesses on the continent.
What products and services does U.S. Bank offer?
We offer a wide range of financial products, services and tools to individuals, families, small- and mid-sized businesses, large companies, governmental agencies and institutions. From checking accounts and voice banking to card readers and corporate bonds, we aim to serve customers with a blend of human expertise and leading digital innovation. Our U.S. Bank Mobile App, for example, has provided 2 billion personalized insights to customers about spending trends, saving opportunities and more.
Who is the CEO of U.S. Bank?
Andy Cecere is the chairman, president and chief executive officer of U.S. Bank. He joined our company in 1985, spending the early part of his career in the corporate development group overseeing a flurry of regional bank mergers and acquisitions that laid the foundation for current-day U.S. Bank. In the 2000s and 2010s, he served in leadership roles including chief financial officer and chief operating officer. He became president in 2016, chief executive officer in 2017 and chairman in 2018.
Andy leads our 14-member Managing Committee – which includes the heads of four core business lines and functional areas like risk; digital; and diversity, equity and inclusion – and our 13-member Board of Directors.
Is U.S. Bancorp a strong company?
U.S. Bancorp, trading as USB on the New York Stock Exchange, has a solid history of financial strength, risk discipline and strategic growth. Even in times of economic hardship, we’ve been steadfast for our customers while delivering value to our shareholders by managing for the near- and long-term. Our ratings from Moody’s, S&P and Fitch are among the highest of any bank in the world.
How does U.S. Bank make money?
We deliver our financial products and services to customers through four core business lines, which contributed to $23 billion in annual revenue in 2020.
- Consumer and Business Banking (43% of annual revenue in 2020)
Branch banking; 24-hour customer centers; mobile banking; online banking; mortgages; consumer lending; ATM and debit processing; workplace banking; student banking
- Payment Services (25%)
Credit, debit, prepaid, virtual, corporate, purchasing and fleet cards; global payment processing; freight payment services; real time payments; e-commerce
- Corporate & Commercial Banking (19%)
Lending; asset-based financing; equipment finance and small-ticket leasing; correspondent banking; depository services; capital markets; international trade
- Wealth Management and Investment Services (13%)
Wealth planning, investments, trust services; private banking; specialty asset management; global custody solutions; global fund services; corporate and institutional trust services
These business lines are supported by functional areas including administration, credit, diversity, equity and inclusion, digital, finance, human resources, legal, and technology.
How does U.S. Bank give back to the community?
We believe that giving back to the communities where we live, work and play is one of our fundamental responsibilities. We do so in a variety of ways including providing billions of dollars in investments, millions of dollars in grants and thousands of volunteer hours each year.
We’re committed to addressing economic and social inequities. To create meaningful, lasting change, we elevated the role of chief diversity officer to our Managing Committee in 2020, allocated $100 million in annual capital and $16 million in grants to support Black-owned or -led businesses, housing and workforce advancement, committed to doubling Black suppliers, and more.
Running our business in an environmentally sustainable manner is an important component of corporate responsibility. In fact, we hit the first of our greenhouse gas emissions targets 10 years ahead of schedule. We were also named to the CDP “A List” for tackling climate change – only 5% of global companies assessed earned this grade.
What is it like to work at U.S. Bank?
Our nearly 70,000 employees come from all kinds of personal and professional backgrounds, and each person’s career path is a unique journey. The varied perspectives and empowered voices of our employees are our proudest strengths as an organization. Whether an employee is new to the workforce, an experienced professional or a proven leader, their voice makes us stronger as we continue to innovate and improve the customer experience. Visit careers to find opportunities including undergraduate and graduate student internships.
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XX-011 Equal Housing Lender
XX-003 FDIC notice + credit products
U.S. Bank accelerates branch closings as more customers go digital
U.S. Bancorp has shuttered about 400 branches in the last three months as temporary closures made during the pandemic are becoming permanent, Chief Financial Officer Terry Dolan said Wednesday.
The $553.9 billion-asset parent of U.S. Bank set out almost two years ago to trim its network of branches and create a leaner operation. With the country still in the grips of the coronavirus pandemic, plans were accelerated in the fall as more customers were turning to digital channels to manage accounts, open new ones and even apply for loans.
Minneapolis-based U.S. Bank had more 3,000 branches in mid-2019 but by September 2020 that figure was down to 2,700. It had just over 2,400 by the end of the year, according to U.S. Bank’s financial filings, and has continued eliminating branches in January. The bank has said it expects to see up to $150 million in savings from the cuts.
Dolan said in an interview that the work is largely complete. He added that most of the branch closings have been in middle- and upper-income neighborhoods and that very few have been in low-income areas.
U.S. Bank is hardly alone in speeding up the pace of branch closings: Banks closed a record 3,099 branches across the country last year, according to data tallied by S&P Global Market Intelligence.
Dolan said that customers’ increased use of technology was the factor in deciding to close so many branches in recent months. For example, about 56% of U.S. Bank’s loan sales were completed digitally in the fourth quarter, up from 34% during the same period one year before, according to the bank’s financial report Wednesday.
“All of that optimization is really driven by how customer behaviors are changing,” Dolan said. “We have rolled out some good digital capabilities over the years. COVID has helped accelerate the adoption.”
While the total number of branches has declined on net, U.S. Bank is still expanding its presence in some markets, including Charlotte, N.C., where new locations are performing even better than expected, executives told analysts on the bank’s fourth-quarter earnings call Wednesday.
U.S. Bank reported net income of $1.5 billion during the fourth quarter, up 2.1% year-over-year. Its earnings per share of 95 cents met right at analyst estimates. The company’s $5.75 billion in net revenue increased 1.5% year-over-year but came in slightly below what analysts had expected.
Unlike some of its rivals, the company opted not to release loan-loss reserves to help boost fourth-quarter earnings. The bank reported $8 billion in allowance for credit losses at the end of the year, nearly double the amount from one year before and roughly flat from the previous quarter.
Dolan said on a call with analysts that management wants to see restrictions on local economies ease and new COVID-19 cases to decline before deciding to release reserves.
Overall results were particularly lackluster in payments, as fourth-quarter revenue declined 15% year over year to $799 million, in part due to sharply lower volumes of debit and credit card transactions. Piper Sandler analysts said in a note to clients that U.S. Bank’s revenue trends look weaker than had been forecast and investors might put the company’s shares under pressure following the fourth-quarter results. The shares were trading at $45.48 late Wednesday, down 5.4% from Tuesday's close.
The industry as a whole is facing pressure to grow revenue at a time when interest rates are historically low, and Dolan said he expects more banks will need to pursue acquisitions to hit growth targets.
In recent weeks, rivals PNC Financial Services Group in Pittsburgh and Huntington Bancshares in Columbus, Ohio, have struck major deals, with PNC reaching an agreement to buy the $104 billion-asset BBVA USA and Huntington agreeing to buy Detroit-based TCF Financial. That deal would boost Huntington's assets from $120 billion to $168 billion.
U.S. Bank was an active acquirer of failed banks during the financial crisis but has not made a whole-bank acquisition since 2012. Dolan said it would be open to doing a deal, either for a smaller bank or a technology or payments company. Earlier this month it cut a deal to acquire a debt servicing and securities custody portfolio from MUFG Union Bank.
“In the banking industry you’re going to see M&A activity pick up,” Dolan said. “We have the ability to take a look at anything that comes along.”
Welcome to TD Bank Personal Banking
Community means family.
I think that's what it's turned into.
I'm going to cry.
I don't know why.
Alright, your turn to talk.
Sam from Bonn Place Brewing Company here, and this is my wife.
Bethlehem is one of the greatest steel towns in America.
When manufacturing had a downturn Bethlehem had to reinvent itself.
When I first met Sam and Gina, they had this dream that they wanted to accomplish.
When we first signed our lease on this building, people were questioning it, like "you sure you want to open a brewery on the south side of Bethlehem in the current climate?"
We were certain that it was ready for what we wanted to do.
We needed a bit of help to get this place opened...and everybody needs help.
When anybody ever comes to us and says, "We need help. What can we do? We don't know how to get through this red tape."
We say, "This is what we did. This might help you."
We even went to City Hall for someone once.
This is the community we can change.
What we can change is right here and right now.
Sam and Gina are very passionate about working with women entrepreneurs.
It's hard to start a business.
One thing Sam and Gina have been able to achieve is share the lessons they've learned with other business owners and convince them, "hey, it actually is possible."
We want to see businesses succeed with the opportunities that we've had.
So what better way than to mentor them.
We're all in this together, and it's the bigger picture.
Bonn Place is a catalyst for the regrowth of this community.
They're also now helping other young entrepreneurs get started.
Sam and Gina sat down with us and gave us tips and tricks of what to do to get started.
We had this idea.
And they believe in us.
How much they're committed to the growth of Bethlehem as a whole.
That's the real story.[Applause]
They are the last two people who would want this bestowed upon them, but they are the most deserving.
So we all want to gather here today and say thank you, because we value everything that you put into Bethlehem.
There's a little bit more.
So, the contribution we made to a female entrepreneurship program, in your name.
We're absolutely thrilled.
Next year, with this gift, we're going to be able to serve even more women entrepreneurs.
The integrity of this community is real strong.
This is just the beginning.
U.S. Bancorp is a financial services holding company in the U.S. with headquarter in Minnesota. U.S. Bancorp is the parent company of U.S. Bank National Association, the 5th largest bank in the United States with $364.0 billion in assets and the same ranking in the U.S. in terms of deposits of $250.5B. The company is also ranked as 4th largest in the US financial industry due to the total number of branches of 3,081 serving 25 Western and Midwestern states and 4,906 ATMs. U.S. Bancorp has products and services ranging from regional consumer and business banking, wealth management services to national wholesale and trust services, and with its global payments services to more than 15.8 million customers worldwide. The company has employees of more 64,000 people.
The U.S. Bank has its predecessor, United States National Bank of Portland, established in Portland, Oregon in 1891; The bank then renamed as the United States National Bank of Oregon due to its 70 years struggle and prominence in this state. In 1902, the United States National Bank of Oregon acquired Ainsworth National Bank of Portland, and continued to use the name the U.S. National Bank. U.S. National was one of the first banks to create a bank holding company —U.S. Bancorp.
In 1997, U.S. Bancorp was merging with First Bank System with First Bank System gaining renewed vitality, unchanged corporate headquarter in Minneapolis, and more prestigious fame from the U.S. Bancorp.
In 1999, Firstar purchased Star Bank, and acquired Mercantile afterwards. The present-day company was formed when Firstar bought U.S. Bancorp in 2001. While Firstar was the buying company, it adapted its name to U.S. Bancorp and subsequently moved its headquarters to Minneapolis.
In 2001, two business sectors of Firstar are transferring under the U.S. Bancorp banner, the first financial strategic move since the Firstar/U.S. Bancorp merger.
Within one month of October 2009, US Bancorp initiated four acquisitions to expand its presence: US Bancorp acquired the mutual fund administration and accounting servicing division of Fiduciary Management, Inc. U.S. Bank announced its purchase of the bond trustee business of First Citizens Bank, which at that time is a subsidiary of First Citizens BancShares Inc. U.S. Bank bought the Nevada banking operations of BB&T Corp. US Bancorp closed the deal to purchase FBOP Corporation’s affiliated banks from the FDIC: National Association (AZ), BankUSA, Citizens National Bank (TX), Madisonville State Bank (TX), Community Bank of Lemont (IL), Pacific National Bank (CA), North Houston Bank (TX), San Diego National Bank (CA) and Park National Bank (IL), etc. (In a different move, US Bancorp afterwards sold the three banks from Texas to Prosperity Bancshares in Houston in 2010.)
In 2011, US Bancorp purchased the whole set of deposits and assets from First Community Bank of New Mexico, which was a remarkable milestone for U.S. Bancorp’s first entry into New Mexico, its 25th state of operation.
In early 2012, US Bancorp acquired the deposits and assets from collapsed BankEast in Knoxville, Tennessee. The business of the failed company was terminated by state regulators. With the acquisition, ten branches from BankEast were rebranded as US Bank branches in the following week.
In early 2014, US Bancorp announced its intention to acquire nearly 100 branch offices of Charter One Bank from RBS Citizens Financial Group. The deal will continue to be processed until mid of 2014, and with its success, the market share of U.S. Bancorp will be doubled in this area.
U.S. Bancorp, including its subsidiaries, U.S. Bank, offer a comprehensive suite of class-quality financial products and services to individual customers, small and medium businesses, organizations, nonprofits, institutions, and government. U.S. Bancorp has four major lines of operation serving clients from all walks of society.
Consumer Banking contains products and services aiming for a wide range of consumer market and small businesses. The whole suite of product and service package includes metropolitan banking, community banking, consumer lending, small business banking, workplace banking, mortgage banking, 24-hour banking, student banking, and investment product options from U.S. Bank, such as brokerage, and financial planning and insurance products and services from U.S. Bancorp Investments, Inc., an associate of U.S. Bank.
U.S. Bank Equipment Finance – Distribution Finance Services are programs and services tailored for the consumers in the construction equipment markets and material handling markets. The services have the specialty in retail financing products and custom wholesale. The service unit is associated with different lines of equipment manufacturers and dealers across the United States and Canada.
The products and services include: Vendor finance programs for manufacturers, including private label and sub-branded programs, Retail financing for dealers' customers, working capital, Inventory and capital equipment financing for dealers.
The programs cater for both new and used equipment financing, offering 24/7 on-line and mobile account access with an easy and efficient application process. The programs also provide comprehensive financing plan with various rate option. The products include: Capital equipment loans, Borrowing base lines and Working capital, Rental fleet loans and Floor plan for Wholesale.
Wholesale Banking includes services of depository, lending, investment, treasury management, international trade financing, and various other financial services targeting at middle-sized market, public-sector clients and large corporate..
U.S. Bancorp’s wholesale banking has customers of large companies, municipalities and nonprofit organizations. The following is the major functions serving wholesale banking at U.S. Bancorp: Middle Market Commercial Banking, Correspondent Banking, National Corporate Banking, Commercial Real Estate, Foreign Exchange, Dealer Commercial Services, Government Banking, Specialized Industries and Finance, Business Equipment Finance & Leasing, International Banking, Small Business Administration (SBA) Division, Treasury Management, Title Industry Banking, Homeowners Association Banking.
Among products and services within the Wholesale Banking segment, the Deposit and Payment Solutions provide outperforming payment program that supports streamlined payment processing and superior cost savings. U.S. Bancorp’s financial experts offer various choices of checking accounts to match particular individual or business needs. The Treasury Management, within which there are Depository Services, Disbursement Services, Collection Services, Information Reporting Services, are all the solution for managing the cash flow with optimal efficiency.
International Banking takes advantages of the impact and international business coverage of U.S. Bancorp, joined with country and regional specialists, and advanced information technology, to offer expertise and assistance in trade negotiation and financing solutions, and risk assessment for the business and individuals to acquire meaningful and profitable global experience. International Banking includes Foreign Exchange Services, Currency Risk Management, Transaction International Payments, International Trade Finance, E-Commerce Solutions.
Payment Solutions in Wholesale Banking are unique and designed for different challenges. Whether for safe and fast transactions, industry-specific technology or custom processing alternatives, U.S. Bank Payment Solutions will have the tools and resources for choice. Nowadays customer businesses can even be supported by U.S. Bancorp’s expertise in electronic payment services to develop more cost-effective and flexible procession.
Healthcare Payment Solutions provide completeness of payment solutions specializing in healthcare sector, such as healthcare employers, consumers (patients), providers (doctors/hospitals) and insurance companies/TPAs. The solution leverage all aspects of healthcare-specific operations and partnerships to give its products broader and robust capabilities and functionality.
Wealth Management & Securities Services
Wealth Management & Securities Services of U.S. Bancorp offers services for individuals, businesses, institutions and municipalities to help build, control, preserve and safeguard wealth, as well as provide custody, delivery services. The business line includes: Ascent Private Capital Management, U.S. Bancorp Insurance Services, LLC, Institutional Trust & Custody, U.S. Bancorp Investments, Inc., Corporate Trust Services, The Private Client Reserve, U.S. Bancorp Fund Services, LLC, U.S. Bancorp Asset Management, Inc.
U.S. Bancorp has a team of service oriented investment management professionals. Their insights and guidance are the invaluable contribution for customers' confident and focused investment decisions. The business approach is to prioritize customers' objectives, rendering the recommendations and counseling disciplined and highly personalized. Investment Products and Financial Services of U.S. Bank and its associate, U.S. Bancorp Investments, Inc., are equipped with advisors with expertise of broad array of banking and insurance, investment products and services. They are professional and proficient in defining purposes and goals of customers’ business, and will work with them to conceive functioning strategy to address the need and accomplish business aspiration.
Private Banking is a highly specialized service division within U.S. Bank, devoted to the service for most complex and diversified financial needs of Private Clients.
IRAs and Retirement Services will help the senior customers identify the choicest retirement option according to financial circumstance and individual economic condition. The service package includes rollovers, Roth IRA conversions, contributory Traditional and Roth IRAs, and more. Retirement Income Planning is an additional operating investment manager accompanied with U.S. Bancorp Retirement Services. The target customers are those veterans approaching retirement age, or those already retired. The planning manager focuses on retrieving the best benefit through professional financial planning in this stage of life.
U.S. Bancorp encourages and supports financial literacy and advancement among its customers. Invest On Your Own is a motto that the company promotes within its Investment Management segment. U.S. Bancorp provides tools and resources from Investment Managers and Investments online brokerage to facilitate individual investment and build confidence. As a backup support, Personalized insurance strategies through U.S. Bancorp Investments will help the customers safeguard their profit from investment and build wealth from ideas, initiatives and corporate business assistance.
Education Funding is aiming for the students struggling with the rising cost of education. The funding service provides expertise for setting up education, funding and development plans, and providing custodial accounts and Coverdell education savings accounts to realize dreams.
U.S. Bank U.S. has established Bank Foundation, Community Affairs and Corporate Giving programs to contribute to the strength and well-being of communities. The collective foundations have total annual funding reaching $47.7 million.
The U.S. Bank Foundation provides cash offerings to non-profits devoting in the areas of education, artistic and cultural enrichment and economic opportunity. Accumulatively, the U.S. Bank Foundation has donated above $23.2 million granting fund.
Nonprofit Sponsorship programs are culminating achievement of company’s philanthropic initiatives. The program sponsors arts and cultural events of multifarious nature from theater festivals, major art to local fairs, in order to emphasize the diversity of talents and build and cultivate interests throughout the communities. U.S. Bank has contributed over $24.5 million in nonprofit sponsorships and corporate contributions.
Within the company, U.S. Bank is devoted into the partnership with employees to develop and bolter the community. The company values employee’s involvement in each contribution requests, committed actions and supports employee for their share of commitment in giving programs that are designed to prioritize employees’ preference and focus for U.S. Bank Foundation’s contribution.
The Dollars for Doing program is designed to encourage volunteerism and voluntary donation. The initiative is to support employee volunteer efforts within the community, and monetary donation to charity organizations where they are volunteering. This program will count employee volunteer time spent in a selected range of nonprofit organization with a rate of $5 per hour to maximum 40 hours per calendar year.
Employee Matching Gift Program
The U.S. Bank Foundation also includes Employee Matching Gift Program which exchanges contribution value into dollar-for-dollar cash. The program will record and calculate the contributions of cash and stock given by U.S. Bank employees to higher education institutions, nonprofit or charity organizations at a unit value from minimum $50 up to maximum $1,000 per year, or $3,000 for those working in nonprofit boards.
As understood by U.S. Bancorp, a healthy community means people, hopes, dreams and future. To achieve this mission, U.S. Bancorp is working with its specialty. Products and services are provided to meet variety of needs. Such as innovative mortgage program, which is specifically served for first-time homebuyers, is a sample of U.S. Bancorp’s taking on social and economic responsibility for benefiting productive small businesses, fostering affordable housing, and reviving cultural vitality of community.
It’s a big ambition not to be accomplished alone. That’s U.S. Bancorp’s awareness of corporate partnership, to collaborated with numerous companies, organizations, even rival banks, across 25-state business area to afford economic housing plan, bolster financial revitalization and offer education and training to customers, small businesses, and first-time homebuyers. It’s out from the same initiative that the company is devoted in offering leadership and financial sponsoring with regional and national equity funds. Similar efforts can also be seen in the investment in Low Income Affordable Housing Tax Credit projects to advance the setup of affordable housing units.
Spring into mortgage savings with low rates.
Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Mortgage and home equity products are offered in the U.S. by HSBC Bank USA, N.A. and are only available for property located in the U.S. Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply. Discounts can be cancelled or are subject to change at any time and cannot be combined with any other offer or discount.
HSBC Global Money Account is a prepaid, multi-currency account available on our the HSBC Mobile Banking App for customers who maintain an HSBC consumer deposit account.
Data rate charges from your service provider may apply. HSBC Bank USA, N.A. is not responsible for these charges. Camera-in device required to be able to utilize HSBC Mobile Check Deposit. Deposit amount limits may apply. HSBC Mobile Banking App is available for iPhone®, iPad®, AndroidTM devices and must be downloaded from the App StoreSM or Google PlayTM.
iPhone and iPad are trademarks of Apple Inc., registered in the U.S. and other countries.
Android and Google Play are trademarks of Google LLC.
App Store is a service mark of Apple Inc.
United States persons are subject to U.S. taxation on their worldwide income and may be subject to tax and other filing obligations with respect to their U.S. and non-U.S. accounts. U.S. persons should consult a tax adviser for more information.
HSBC commissioned this article as part of our Beyond Banking initiative. While HSBC is pleased to offer this Beyond Banking article as an educational service to our customers, HSBC does not guarantee, warrant or recommend the opinion or advice or the product and/or services offered or mentioned in this article. Any opinions, judgments, advice, statements, services, offers or other information presented within a Beyond Banking article are those of a third party and not HSBC.
For clients located outside of the U.S. - Our products and services are not specifically directed at individuals located in the European Union. Our U.S. representatives, as well as our public website, us.hsbc.com, provide products and services governed by U.S. laws and regulations. Our products and services, as well as their specific terms and conditions, are subject to change and may not be available in all territories or to all customers. If you are not located in the U.S., the laws and regulations of your country of residence could affect the offering, negotiation, discussion, provision, and/or use of HSBC U.S. products and services. If you are not a U.S. resident, please read the specific cross-border product and service disclaimers, which are available on the Cross Border Disclosure page of our public website at www.us.hsbc.com/crossborder.
: Is us bank and us bank national association the same
|Is us bank and us bank national association the same|
|Is us bank and us bank national association the same|
|Is us bank and us bank national association the same|