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US Bank History

US Bank History dates back to early 1891 when the United States National Bank of Portland was established in Portland, Oregon. Later in 1964, the bank changed its name to the United States National Bank of Oregon. However, the present day U.S. Bank was formed by a merger between the Firstar Corporation in Milwaukee, Wisconsin and the Star Bank in Cincinnati, Ohio in the year 1999. Just after five days after the merger, Mercantile Bancorporation of St. Louis, Missouri was acquired by Firstar. The most significant acquisition was the purchase of US Bancorp, based in Minneapolis, Minnesota by the Firstar Corporation. The purchase was completed on 27 February, 2001 but, Firstar still retained the name and the headquarters of US Bancorp.

In 1997, the United States National Bank of Oregon was acquired by the First Bank System, Inc. headquartered in Minneapolis, Minnesota. After the acquisition, the name of First Bank System was changed into U.S. Bancorp. First Bank System succeeded this bank holding company which was formed in 1929 by collaboration of several banks of the Upper Midwest region of the United States. Notable banks involved in creating US Bancorp include First National Bank of Minneapolis and First National Bank of St. Paul, which were both established in 1864.

US Bancorp received about $6,599,000,000 through the Emergency Economic Stabilization Act in form of preferred stock and related warrants in November, 2008. On November 21, 2008, the bank acquired Downey Savings & Loan Assn FA and Pomona First Fed Bk & Tr (PFF) from Downey Financial Corp and PFF Bancorp Inc, CA respectively. By the end of 2008, US Bancorp's total assets were of about $266 billion and it became the 6th largest commercial bank in the United States. In June, 2009, the bank redeemed $6.6 billion in preferred stock and on 15th July, 2009, the purchase of a warrant which was held by U.S. Treasury Department was completed. With this, US Bank effectively concluded its participation for the Capital Purchase Program.

US Bancorp was also among those well known banks which were able to repay Troubled Asset Relief Program funds. With a number of mergers and acquisitions, the bank expand its locations and branches thereby reaching out it services and products to millions of customers. The bank also announced that it will acquire the mutual fund administration and the accounting servicing division of the Fiduciary Management, Inc. in the beginning of October, 2009. Later on 14th October, 2009, US Bank agreed to purchase the bond trustee business of the First Citizens Bank.



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