Edition:
United States

Profile: U.S. Bancorp (USB.N)

USB.N on New York Stock Exchange

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U.S. Bancorp, incorporated on April 2, 1929, is a multi-state financial services holding company. The Company operates through its banking subsidiary, U.S. Bank National Association, which is engaged in the general banking business in domestic markets. The Company provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machines (ATM) processing, mortgage banking, insurance, brokerage and leasing.

U.S. Bank National Association provides a range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. Its commercial and consumer lending services are offered to customers within the Company's domestic markets, to domestic customers with foreign operations and to large national customers operating in specific industries targeted by the Company. Its lending services include traditional credit products, as well as credit card services, leasing financing and import/export trade, asset-backed lending, agricultural finance and other products. The Company's depository services include checking accounts, savings accounts and time certificate contracts. Ancillary services, such as capital markets, treasury management and receivable lock-box collection are provided to corporate customers. U.S. Bancorp's bank and trust subsidiaries provide a range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations. Other U.S. Bancorp non-banking subsidiaries offer investment and insurance products to the Company's customers within its markets, and fund administration services to a range of mutual and other funds.

The Company's provides banking and investment services through a network of approximately 3,130 banking offices operating in the Midwest and West regions of the United States, through online services and over mobile devices. The Company operates a network of approximately 4,940 ATMs and provides around the clock telephone customer service. Its mortgage banking services are provided through banking offices and loan production offices throughout the Company's markets. The Company's lending products are originated through banking offices, indirect correspondents, brokers or other lending sources. The Company is a provider of corporate and purchasing card services and corporate trust services in the United States. The Company's subsidiary, Elavon, Inc. (Elavon), provides merchant processing services directly to merchants and through a network of banking affiliations. The Company also provides corporate trust and fund administration services in Europe.

Lending Activities

The Company's loan portfolio amounts to approximately $260.8 billion. The Company's commercial loans amount to approximately $88,400 million. Its commercial real estate loans, which include commercial mortgages and construction and development loans, amount to approximately $42,140 million. Its residential mortgages amount to approximately $53,500 million. The Company's other retail loans, which include retail leasing, home equity and second mortgages and other retail loans amount to approximately $51,210 million. Its credit card loans amount to approximately $21,010 million.

Investment Activities

The Company uses its investment securities portfolio to manage enterprise interest rate risk, provide liquidity, generate interest and dividend income, and as collateral for public deposits and wholesale funding sources. The Company's investment securities amount to approximately $105.6 billion. The Company's investment securities portfolio includes the United States Treasury and Agencies, which amount to approximately $4,600 million; mortgage-backed securities, which amount to approximately $50,690 million; asset-backed securities, which amount to approximately $560 million; obligations of state and political subdivisions, which amount to approximately $5,316 million, and other debt securities, which amount to approximately $610 million.

Sources of Funds

The Company's sources of funds include deposits and borrowings. The Company's deposits amount to approximately $300.4 billion. Its non-interest-bearing deposits amount to approximately $83,770 million. Its interest-bearing deposits amount to approximately $216,630 million. The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, amount to approximately $27.9 billion. Its long-term debt amounts to approximately $32.1 billion.

Company Address

U.S. Bancorp

800 Nicollet Mall
MINNEAPOLIS   MN   55402-7000
P: +1651.4663000
F: +1612.3030782

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