U.S. Bancorp History

U.S. Bank Place
601 Second Avenue South
Minneapolis, Minnesota 55402-4302

Telephone: (612) 973-1111
Fax: (612) 973-2446

Public Company
Incorporated: 1929 as First Bank Stock Investment Company
Employees: 26,891
Total Assets: $81.53 billion (1999)
Stock Exchanges: New York
Ticker Symbol: USB
NAIC: 551111 Offices of Bank Holding Companies; 52211 Commercial Banking (pt); 52221 Credit Card Issuing (pt); 52232 Financial Transactions Processing; 52239 Other Activities Related to Credit Intermediation (pt)

Company Perspectives:

We strive to create superior value for our shareholders by fulfilling our customer promise. We simplify our customers' lives by delivering anytime, anywhere access to a comprehensive range of financial solutions. This is the essence of the U.S. Bancorp brand. 'Simplify' means satisfying customer expectations for quality, convenience and execution, while meeting the need for confidence and security. 'Access' is providing a wide range of choices for doing business with us. 'Solutions' result from our knowledge of the customer, the superior performance of our products and services, and the expertise of our people. Key Dates:

Key Dates:

United States National Bank of Portland is founded.
United States National and Ainsworth National merge.
United States National merges with Ladd and Tilton, Oregon's oldest bank.
First Bank Stock Investment Corporation is formed.
United States National Bank of Portland is renamed United States National Bank of Oregon.
First Bank Stock Investment Corporation is renamed First Bank System, Inc.; United States National Bank reorganizes as a holding company called U.S. Bancorp.
First Bank National Association is formed through the merger of large banks in Minneapolis, St. Paul, and the greater Twin Cities region.
First Bank hires John (Jack) Grundhofer as CEO, chairman, and president.
First Bank acquires U.S. Bancorp's corporate trust operations in Oregon and Washington.
U.S. Bancorp acquires West One Bancorp of Idaho.
In its largest acquisition, First Bank purchases U.S. Bancorp and adopts the U.S. Bancorp name; company also acquires Piper Jaffray Companies Inc.

Company History:

Further Reading:

  • Anderson, Michael A., 'U.S. Bancorp's Interstate Bid Begins Anew,' Business Journal-Portland, May 19, 1986, p. 1.
  • Bennett, Robert A., 'Roger Faces Goliath,' United States Banker, June 1992, p. 20.
  • Condon, Bernard, 'Brother, Can You Spare a Bank?', Forbes, April 3, 2000.
  • Crockett, Barton, 'U.S. Bancorp to Ax 52 Branches After Merger,' American Banker, October 27, 1995, p. 4.
  • DePass, Dee, 'FBS Reaches West,' Star-Tribune Newspaper of the Twin Cities Minneapolis-St.Paul, March 21, 1997, p. D1.
  • Fitch, Mike, 'Mother Lode's Buyer Got Good Deal, Say Observers,' Puget Sound Business Journal, November 6, 1989, p. 22.
  • Heind, John, 'Buy or Be Bought,' Forbes, May 18, 1987, p. 48.
  • Jaffe, Thomas, 'Cheap Bank,' Forbes, June 29, 1987, p. 122.
  • Jordon, Steve, 'First Bank Is Poised to Grow in Nebraska,' Omaha World-Herald, June 9, 1995, p. 14.
  • ------, 'U.S. Bancorp Chairman Is Building for Long Haul,' Omaha World-Herald, June 21, 2000, p. 18.
  • Kapiloff, Howard, 'Fourth-of-July Merger Fireworks,' American Banker, July 5, 1994, p. 1.
  • Klinkerman, Steve, and Karen Gullo, 'First Bank System to Purchase Morgan's Corporate Trust Unit,' American Banker, January 5, 1993, p. 5.
  • Manning, Jeff, 'Bankruptcies May Be Lever for U.S. Bank,' Business Journal-Portland, December 9, 1991, p. 1.
  • Milligan, John W., 'Making First Bank Work,' US Banker, March 1, 1997, p. 32.
  • Ota, Alan K., 'First Bank Begins to Issue Pink Slips at U.S. Bancorp,' Portland Oregonian, June 4, 1997, p. C1.
  • ------, 'U.S. Bancorp: Hunter or Prey?', Portland Oregonian, September 12, 1996, p. B1.
  • ------, 'U.S. Bancorp on Guard Duty,' Portland Oregonian, May 8, 1996, p. B1.
  • Ota, Alan K., and Steve Woodward, 'First Bank Wooed U.S. Bank in Polite but Insistent Romance,' Portland Oregonian, March 26, 1997.
  • 'Purchase by U.S. Bancorp to Create Northwest Giant,' New York Times, May 9, 1995, p. D2.
  • Rhoads, Christopher, 'First Bank System Buying U.S. Bancorp Pricey $8.4B Deal Is Banking Industry's Fourth Largest Ever,' American Banker, March 21, 1997, p. 1.
  • 'Shareholders Approve Merger of U.S. Bancorp & West One, Bancorp,' PR Newswire, October 3, 1995, p. 1.
  • Silvestri, Scott, and Laura Mandaro, 'U.S. Bancorp CEO Talks Like a Buyer,' American Banker, June 19, 2000, p. 1.
  • Talley, Karen, 'U.S. Bancorp's Piper Deal an Integration Success,' American Banker, November 10, 1999, p. 1.
  • Taylor, John H., 'No Chest-Beater,' Forbes, May 11, 1992, p. 172.
  • 'U.S. Bancorp Will Acquire Piper Jaffray,' Portland Oregonian, December 16, 1997, p. B1.
  • Zack, Jeffrey, 'Technology Gives First Bank's Grundhofer a Cost-Cutting Edge,' American Banker, May 9, 1994, p. 1.
  • Zimmerman, Rachel, 'Branch Closures Likely in U.S. Bank-West One Deal,' Puget Sound Business Journal, August 25, 1995, p. 7.

Source: International Directory of Company Histories, Vol. 36. St. James Press, 2001.