U.S. Bancorp
U.S. Bancorp is an American multinational banking institution headquartered in Minneapolis, Minnesota and incorporated in Delaware. It is the 5th-largest bank in the United States as of 2025. As the largest bank in the Midwestern United States, it is considered systemically important by the Financial Stability Board. It is the parent company of its primary operating entity, U.S. Bank National Association, which does business as U.S. Bank. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.
The firm's early history can be traced to 1891, operating under the second-oldest banking charter granted in 1863 following the passage of the National Bank Act. Since inception, dozens of regional mergers and acquisitions throughout the Upper Midwest and Western United States led to the creation of modern U.S. Bancorp. As a diversified holding company, U.S. Bancorp has acquired multiple subsidiaries since the late 2010s. Its retail credit card offerings are provided via the Visa network in the U.S. and abroad.
U.S. Bancorp's annual revenue levels have it ranked on the Fortune 500, with its public stock trading within both the S&P 500 and S&P 100 indexes. It was included in the 2024 Forbes Global 2000 for its sales, profitability, asset base, and market value, among other financial institutions. U.S. Bancorp sponsors a variety of cultural events, transportation hubs, and sporting venues, including U.S. Bank Stadium. U.S. Bank is one of the largest asset custodians in the country with more than $11.7 trillion under administration as of June 2025. assets.
History
The U.S. Bank name first appeared as United States National Bank of Portland, established in Portland, Oregon, in 1891. In 1902, it merged with Ainsworth National Bank of Portland, but kept the U.S. National Bank name. It changed its name to the United States National Bank of Oregon in 1964.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 and several smaller Upper Midwest banks to form the First Bank Stock Corporation, which changed its name to First Bank System in 1968.
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 Corporation. In Cincinnati, First National Bank of Cincinnati opened for business on July 13, 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. U.S. Bancorp claims 1863 as its founding date. Despite having started up in the midst of the Civil War, First National Bank of Cincinnati went on to survive many decades to grow into Star Bank.
U.S. Bancorp of Oregon era
In January 1969, the U.S. National Bank of Oregon reorganized as a holding company, U.S. Bancorp, after receiving authorization from its bank directors on September 9, 1968 and subsequently receiving legal approval to proceed from the Comptroller of the Currency on November 28, 1968. LeRoy B. Staver, president, and chief executive officer of the bank, was appointed chairman and chief executive officer for the new holding company while Robert B. Wilson was appointed president of the holding company and also executive vice president for the bank. Wilson later resigned as president in December 1972 and his position was filled eight months later by John A. Elorriaga.Staver retired in October 1974 and was succeeded by John Elorriaga who was promoted to chairman and chief executive officer while Carl W. Mays Jr was named president in Elorriaga's place.
A major change in the organization of leadership in the U.S. Bancorp of Oregon occurred in August 1983. Although Elorriaga remained as chairman and chief executive officer for the firm, Mays was appointed to the new position of executive assistant to the chairman while Edmund P. Jensen was appointed president as a replacement to Mays, and Roger L. Breezley was appointed to the new post of chief operating officer.
In December 1986, U.S. Bancorp of Oregon announced the pending acquisition of the Forest Grove, Oregon-based Valley National Corporation with its five-branch Valley National Bank of Forest Grove subsidiary for $13.7 million in stock.
U.S. Bancorp of Oregon made its first acquisition outside the state of Oregon by announcing in December 1986 the pending acquisition of the Spokane, Washington-based Old National Bancorp with its Old National Bank of Washington and First National Bank of Spokane subsidiaries for $174 million. The acquisition was completed in July 1987 on the first day that the state of Washington had allowed bank acquisitions by out-of-state companies.
In December 1986, U.S. Bancorp of Oregon announced the pending acquisition of the Camas, Washington-based Heritage Bank for $2.8 million.
In May 1987, U.S. Bancorp of Oregon announced the pending acquisition of the Seattle, Washington-based Peoples Bancorp with its Peoples National Bank subsidiary for $275 million in stock. The acquisition was completed in December 1987. After the acquisition, Peoples and Old National were combined to form U.S. Bank of Washington.
John Elorriaga retired as chairman of the board and chief executive officer in November 1987 and was replaced by Roger L. Breezley while Jensen continued as president.
In December 1987, U.S. Bancorp of Oregon announced the pending acquisition of the Bellingham, Washington-based Mt Baker Bank for $25 million.
U.S. Bancorp of Oregon entered the state of California by announcing in April 1988 the pending acquisition of the Eureka, California-based Bank of Loleta with seven branch offices in Humboldt and Del Norte counties for $15.3 million in cash. The acquisition was completed in December 1988 and was renamed U.S. Bank of California.
In April 1988, U.S. Bancorp of Oregon announced the pending acquisition of the Bellingham, Washington-based Northwestern Commercial Bank for $15.5 million. The acquisition was completed in November 1988.
In July 1988, U.S. Bancorp of Oregon announced the pending acquisition of the Auburn, Washington-based Western Independent Bancshares with its Auburn Valley Bank subsidiary for $4.25 million in cash.
In October 1989, U.S. Bancorp of Oregon announced the pending acquisition of the Sacramento, California-based Mother Lode Savings Bank with three branch offices for $5.3 million. The acquisition was completed in August 1990. This acquisition was one of the first of a thrift by a commercial bank in the nation since legislation permitting such takeovers went into effect.
During the late 1980s, U.S. Bancorp of Oregon made several attempts to enter the state of Idaho by the acquisition of an existing Idaho-based bank, the only method then allowed under Idaho law, but failed when the price got too high. In March 1990, U.S. Bancorp of Oregon announced that they would establish a bank through a loophole in Federal banking law that allows the Office of the Comptroller of the Currency to allow the relocation of bank headquarters within 30 miles of their present location without regards to state boundaries and state regulations. So U.S. Bancorp of Oregon announced that they plan to transfer the existing branches of the First National Bank of Spokane to the U.S. Bancorp of Washington and then ask permission from the Office of the Comptroller of the Currency to move the headquarters of First National from Spokane, Washington, to Coeur d'Alene, Idaho. After receiving Federal approval, First National was finally moved in February 1992 and renamed U.S. Bank of Idaho.
In July 1990, U.S. Bancorp of Oregon announced the pending acquisition of the Auburn, California-based HeartFed Financial Corporation with its Heart Federal Savings and Loan subsidiary for $107.8 million in stock. At the time of the announcement, Heart Federal Savings had 29 branch offices in northern California. The acquisition was completed in March 1991 for $118 million.
In November 1991, Edmund P. Jensen was given the post of chief operating officer in addition to his duties as president, making him a possible successor to Breezley.
In February 1992, U.S. Bancorp of Oregon announced the pending acquisition of the 20 branch offices in Northern California and 29 branch offices in Nevada for $70 million that were being divested by Bankamerica Corporation as a result of Bank of America's impending acquisition of Security Pacific Corporation. This acquisition gave U.S. Bancorp of Oregon its first presence in the state of Nevada.
Another major change in the organization of leadership in the U.S. Bancorp of Oregon occurred in January 1993. While retaining his position as chief operating officer, Edmund P. Jensen was appointed vice-chairman while giving his position of president to Kevin R. Kelly. At the same time, Gerry B. Cameron was appointed vice-chairman. Ten months later, Jensen resigned to become president of Visa Inc. In January 1994, Gerry Cameron was first appointed chief operating officer as a replacement to Jensen and later appointed chief executive officer just three weeks later. Kelly submitted his resignation as president in March 1994 and Breezley finally gave up the chairmanship to Cameron in April 1994.
In May 1995, U.S. Bancorp of Oregon announced the pending acquisition of the Boise, Idaho-based West One Bancorp for $1.8 billion. At the time of the announcement, West One had branch offices in Idaho, Oregon, Washington, and Utah while U.S. Bancorp of Oregon had branch offices in Oregon, Washington, California, Idaho, and Nevada. The acquisition was completed in December 1995 and gave U.S. Bancorp of Oregon its first entry into the state of Utah. As part of the acquisition deal, West One's chairman and chief executive Daniel R. Nelson would become the chief operating officer and president of U.S. Bancorp and he would later be Cameron's successor as chairman and CEO upon Cameron's planned retirement in three years. Since both U.S. Bancorp and West One had overlapping territories in Oregon and Washington, the U.S. Justice Department would only allow the acquisition to proceed if U.S. Bancorp would sell off 27 branch offices in Washington and Oregon. As a result of the regulatory ruling, U.S. Bancorp sold 25 branch offices in Oregon, four in central Washington and one in Idaho to First Hawaiian Bank for $38 million in cash.
In February 1996, U.S. Bancorp of Oregon announced the pending acquisition of the San Ramon, California-based California Bancshares for $309 million in stock. California Bancshares had a total of 38 branches in the East San Francisco Bay Area in nine separate banks that included Alameda First National, Community First National, Modesto Banking Co., Commercial Bank of Fremont, Lamorinda National Bank, Bank of San Ramon Valley, Westside Bank, Concord Commercial Bank and Bank of Milpitas. The acquisition was completed in June 1996.
In September 1996, U.S. Bancorp of Oregon announced the pending acquisition of the St. George, Utah-based Sun Capital Bancorp with its three-branch office Sun Capital Bank subsidiary for $15.5 million. The acquisition was completed in January 1997.
In December 1996, U.S. Bancorp of Oregon announced the pending acquisition of the Sacramento, California-based Business & Professional Bank for $35 million in cash. The acquisition was completed in May 1997.