U.S. Bank Company History Timeline

(9,859 Jobs)
1863

In Cincinnati, First National Bank of Cincinnati opened for business in 1863 under National Charter #24 with the boom of Civil War cannons firing just across the Ohio, but it survived through many more decades to grow into Star Bank.

In Cincinnati, First National Bank of Cincinnati opened for business in 1863 under National Charter #24—the charter that United States Bancorp still operates under today, and one of the oldest active national bank charters in the nation.

That bank, in turn, traced its roots to the founding of First National Bank of Cincinnati in 1863.

1864

The central part of the franchise dates from 1864, with the formation of First National Bank of Minneapolis.

First Bank System can trace its roots back to the formation of First National Bank of Minneapolis in 1864.

1873

On September 18, 1873, they declared bankruptcy.

In September of 1873, Jay Cooke & Company [JCC] began having issues marketing railway bonds.

1891

The United States Bank name first appeared as United States National Bank of Portland, established in Portland, Oregon, in 1891.

1929

The official start of the Great Depression was the stock market crash on ‘Black Tuesday’, October 29, 1929.

United States Bancorp was founded in 1929 and is headquartered in Minneapolis, MN.“

In 1929, the First National Bank of Minneapolis joined together with the First National Bank of St Paul to form a joint holding company for both banks that was called the First Bank Stock Corporation while keeping both subsidiary banks legally separate.

1930

Later in 1930, the United States began experiencing bank runs due to this crisis, which led to a massive wave of bank failures.

1933

The FDIC now proudly states that “since 1933, no depositor has lost a penny of FDIC-insured funds.”

1956

The new holding company quickly grew by acquiring other banks in the four-state region before the Bank Holding Company Act of 1956 prohibited such actions.

1964

The United States Bank name first appeared as United States National Bank of Portland, established in Portland, Oregon, in 1891. It changed its name to the United States National Bank of Oregon in 1964.

1968

First Bank Stock Corporation was renamed First Bank Stock Corporation Inc. in 1968.

1974

After a long period of service, Staver finally 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.

1983

A major change in the organization of leadership in the United States Bancorp of Oregon occurred in August 1983.

1986

In December 1986, United States Bancorp of Oregon announced the pending acquisition of the Camas, Washington-based Heritage Bank for $2.8 million.

1987

In May 1987, United States 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 July 1987 on the first day that the state of Washington had allowed bank acquisitions by out-of-state companies.

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.

The acquisition was completed in December 1987.

In December 1987, United States Bancorp of Oregon announced the pending acquisition of the Bellingham, Washington-based Mt Baker Bank for $25 million.

1988

United States 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.

In April 1988, United States Bancorp of Oregon announced the pending acquisition of the Bellingham, Washington-based Northwestern Commercial Bank for $15.5 million.

In July 1988, United States 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.

The acquisition was completed in November 1988.

The acquisition was completed in December 1988 and was renamed United States Bank of California.

Since 1988 alone, mergers with and acquisitions of more than 50 banks, large and small, have helped form today’s United States Bank.

Since 1988, it has merged or acquired more than 50 banks, out of which many were mergers of smaller banks themselves.

1989

In October 1989, United States Bancorp of Oregon announced the pending acquisition of the Sacramento, California-based Mother Lode Savings Bank with three branch offices for $5.3 million.

1990

In July 1990, United States 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.

The acquisition was completed in August 1990.

1991

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.

1992

After receiving Federal approval, First National was finally moved in February 1992 and renamed United States Bank of Idaho.

1993

Another major change in the organization of leadership in the United States Bancorp of Oregon occurred in January 1993.

1994

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.

1995

In May 1995, United States Bancorp of Oregon announced the pending acquisition of the Boise, Idaho-based West One Bancorp for $1.8 billion.

The acquisition was completed in December 1995 and gave United States Bancorp of Oregon its first entry into the state of Utah.

1996

In February 1996, United States Bancorp of Oregon announced the pending acquisition of the San Ramon, California-based California Bancshares for $309 million in stock.

The acquisition was completed in June 1996.

In September 1996, United States 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.

In December 1996, United States Bancorp of Oregon announced the pending acquisition of the Sacramento, California-based Business & Professional Bank for $35 million in cash.

1997

The acquisition was completed in January 1997.

In March 1997, the Minneapolis, Minnesota-based First Bank System announced the pending acquisition of the Portland, Oregon-based United States Bancorp of Oregon for $9 billion in stock.

The acquisition was completed in May 1997.

The acquisition was completed in August 1997.

In September 1997, the new United States Bancorp, formerly First Bank System, announced the pending acquisition of the St Cloud, Minnesota-based Zappco, Inc. with its three banks and six banking locations for an undisclosed amount.

The acquisition was completed in December 1997.

In 1997, United States Bancorp merged into First Bank System.

Heasley had assisted Grundhofer in turning the company around from near insolvency when the company was originally known as First Bank until it became a successful financial institution that became large enough to be absorb other banks, including United States Bancorp of Oregon in 1997.

1998

In March 1998, United States Bancorp announced the pending acquisition of the Vancouver, Washington-based Northwest Bancshares with its 10-branch offices Northwest National Bank subsidiary for an undisclosed amount.

In October 1998, the United States Justice Department agreed to allow the acquisition to proceed on the condition that one of the Northwest National Bank branch offices was to be sold.

The acquisition was completed in December 1998 after United States Bancorp sold the request banking office to Centennial Bank of Eugene.

At the end of 1998, Gerry Cameron retired as chairman and handed the position over to John Grundhofer who added the title of chairman to his other positions of president and chief executive officer.

Present-day United States Bancorp retains Star Banc's pre-1998 stock price history, and as mentioned above operates under the charter originally granted to First National Bank of Cincinnati.

1999

In February 1999, United States Bancorp announced the pending acquisition of the San Diego-based Bank of Commerce with its 10 branch offices for $314 million in stock.

In May 1999, United States Bancorp announced the pending acquisition of the Newport Beach, California-based Western Bancorp with its Santa Monica Bank and Southern California Bank subsidiaries and a total of 31 branch offices for $904 million in stock.

The acquisition was finalized in July 1999.

In July 1999, Philip G. Heasley was appointed president and chief operating officer of United States Bancorp.

In September 1999, United States Bancorp announced the pending acquisition of the San Diego-based Peninsula Bank with its 11 branch offices for $104 million in stock.

The acquisition was finalized in November 1999 for $1.04 billion in stock.

In 1999, Firstar merged with Star Bank, and acquired Mercantile five months later.

Nelson was originally in line to be Gerry B. Cameron's successor as chairman and chief executive upon the Cameron's planned retirement on New Year's Day 1999.

2000

In early January 2000, a group of Peninsula Bank stockholders tried to stop the merger because the initial merger agreement was made prior to the huge 27% single-day drop in the value of United States Bancorp stock which effectively lowered the purchase price.

The acquisition was later completed in January 2000 at a 10% reduction of the original price negotiated.

In June 2000, United States Bancorp announced the acquisition of the San Diego-based Scripps Financial Corporation with its nine-branch office Scripps Bank subsidiary for $155 million in stock.

The acquisition was completed in October 2000.

In October 2000, Firstar Corporation of Milwaukee, Wisconsin, announced the pending acquisition of United States Bancorp of Minneapolis, Minnesota, for $21 billion in stock.

2001

The present-day company was formed when Firstar bought United States Bancorp, a deal which closed on February 27, 2001.

Firstar completed its buyout of United States Bancorp on February 27, 2001, and changed its name to United States Bancorp.

In April 2001, the new United States Bancorp announced the pending acquisition of all 20 branch offices in California of the Encino-based Pacific Century Bank from its Honolulu-based parent Pacific Century Financial Corporation.

The acquisition was completed in September 2001.

On December 13, 2001, two business lines of Firstar switched to the United States Bancorp name, the first name changes after the Firstar/United States Bancorp merger.

2002

In July 2002, United States Bancorp announced the pending acquisition of all 57 retail banking branches of the San Mateo, California-based Bay View Bank from its Bay View Capital Corporation parent for $429 million.

2003

On New Years Day 2003, John Grundhofer retired as chairman of United States Bancorp and handed the position to his younger brother Jerry Grundhofer, who added the title of chairman to his other positions of president and chief executive officer in the corporation.

2004

On August 10, 2004, United States Bancorp announced it had raised its prime lending rate to 4.50 percent from 4.25 percent at all United States Bank locations.

In October 2004, Richard K. Davis was appointed chief operating officer and president of United States Bancorp.

2005

In November 2005, United States Bancorp announced that it was acquiring the $410 billion corporate trust and institutional custody businesses of Wachovia Corporation for $720 million in cash.

2006

In June 2006, United States Bancorp announced the pending acquisition of the Avon, Colorado-based Vail Banks Inc. with its WestStar Bank subsidiary and 23 locations for $98.6 million in cash.

In November 2006, United States Bancorp announced that it was acquiring the $30 billion municipal bond trustee business from LaSalle Bank.

2007

The acquisition was completed in February 2007 and nearly double the branch presence of United States Bank in Montana.

2008

The acquisition was completed in June 2008.

On November 14, 2008, United States Bancorp received $6,599,000,000 from the Emergency Economic Stabilization Act in the form of a preferred stock and related warrants.

On November 14, 2008, the United States Treasury invested $6,599,000,000 in preferred stock and warrants in the company via the Emergency Economic Stabilization Act of 2008.

In 2008, the United States began to experience the impacts of the greatest economic downturn since the Great Depression.

2009

In April 2009, United States Bancorp acquired the assets and deposits of the failed Ketchum, Idaho-based First Bank of Idaho in a transaction facilitated by the FDIC. First Bank of Idaho had seven offices in Idaho and Wyoming, some of which operated under the name First Bank of the Tetons.

On June 17, 2009, United States Bancorp redeemed the $6.6 billion of preferred stock and on July 15, 2009, it completed the purchase of a warrant held by the United States Treasury Department.

During October 2009 US Bancorp announced four separate acquisitions:

On October 7, 2009 United States Bank, agreed to buy the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares Inc.

On October 5, 2009 US Bancorp announced its acquisition of the mutual fund administration and accounting servicing division of Fiduciary Management, Inc.

On October 14, 2009 United States Bank agreed to acquire the Nevada banking operations of BB&T Corp.

On October 5, 2009, the company announced its acquisition of the $8 billion mutual fund administration and accounting servicing division of Fiduciary Management, Inc. for an undisclosed amount.

On October 20, 2009, the company completed a transaction to purchase the failed FBOP Corporation's nine subsidiary banks from the FDIC for an undisclosed amount.

Although the current pandemic and the Great Recession of 2009 are still very fresh in our minds, it makes sense to start at the beginning.

In 2009, Institutional Investor magazine ranked it ‘America’s Most Shareholder Friendly’ company in the financial institutions category.

2010

The acquisition was completed in January 2010.

In July 2010, United States Bancorp sold its FAF Advisors subsidiary to Nuveen Investments for $80 million and a 9.5% stake in Nuveen.

US Bank has been enlisted in the Fortune 500 list of companies in 2010.

2011

On January 28, 2011, US Bancorp acquired the assets and deposits of First Community Bank of New Mexico.

2012

On January 27, 2012, US Bancorp acquired the assets and deposits of failed Knoxville, Tennessee-based BankEast, which was closed by state regulators.

In January 2012, the company acquired the assets and deposits of the failed Knoxville, Tennessee-based BankEast in a transaction facilitated by the FDIC for an asset discount of approximately $67.5 million.

2014

On January 7, 2014, US Bancorp announced that it was acquiring 94 branches of Charter One Bank in Chicago from RBS Citizens Financial Group as of mid-2014.

In January 2014, United States Bancorp announced the pending acquisition of 94 branch offices of the Charter One Bank in Chicago from the RBS Citizens Financial Group for $315 million, doubling its market share in Chicago.

On June 25, 2014, United States Bancorp announced that Eric Thole would take over the company’s asset management division.”

2015

In January 2015, chief financial officer Andrew Cecere was promoted to chief operating officer.

2017

In January 2017, United States Bancorp announced that chairman and CEO Richard Davis was going to hand over his CEO position to president and COO Andrew Cecere in April 2017 while still remaining chairman of the corporation.

2020

Our response by the end of 2020 included a $20 million premium pay program for our employees, relief assistance and 108,000 Small Business Administration Paycheck Protection Program (PPP) loans for our customers, and $30 million in expedited charitable contributions for our communities.

Founded
1863
Company Founded
Headquarters
Minneapolis, MN
Company Headquarter

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