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BUSINESS
April 14, 2005 | From Bloomberg News
U.S. Bancorp, the sixth-biggest U.S. bank, will install 333 automated teller machines at Walgreen Co. stores in California and Nevada to expand in the West. Minneapolis-based U.S. Bancorp said its U.S. Bank subsidiary would install 312 ATMs in California and 21 in Nevada. U.S. Bancorp will about double its ATMs in California to 684, and will boost its ATMs in Nevada to 119. The bank has 306 branches in California and 40 in Nevada.
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BUSINESS
September 26, 2012 | By Andrew Tangel
U.S. Bancorp customers are experiencing intermittent delays with the institution's website and online operations, spokesman Tom Joyce said. The site has not been taken down. The Minneapolis bank was experiencing unusually high Web traffic and coordinated attacks “very similar” to what other major banks have experienced over the last two weeks, he said. Wells Fargo & Co.'s website was attacked Tuesday. “We are working very closely with federal law enforcement,” Joyce said.
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BUSINESS
June 10, 1998 | Reuters
Minneapolis-based U.S. Bancorp said it will repurchase up to $2.5 billion worth of its shares, adding that it also plans to explore acquisitions that "make sense." The repurchase announcement came a day after cross-town rival bank Norwest Corp. said it would merge with San Francisco-based Wells Fargo & Co. U.S. Bancorp is widely believed by the financial community to have been interested in a deal with Wells. U.S.
BUSINESS
September 26, 2012 | By Andrew Tangel
U.S. Bancorp is the next major financial institution supposed to be targeted by a hacking group that has disrupted banks' online operations over the last two works. U.S. Bancorp is aware of the hacking group's stated plans to attack its website Wednesday, following its attack on Wells Fargo's online and mobile banking operations Tuesday, spokesman Tom Joyce said. "We're working very closely with law enforcement authorities on the issue," said Joyce, who declined to elaborate.  Recent cyber attacks have hit Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. The so-called denial of service attacks involve bombarding the bank's servers, causing them to slow down or seize up. Minneapolis-based U.S. Bancorp is the eighth-largest bank holding company by assets, according to Federal Reserve data.
BUSINESS
December 31, 1998 | Bloomberg News
U.S. Bancorp, the 14th-largest U.S. bank holding company, said it will increase its stake in New Century Financial Corp. to about 18.8%, after buying 500,000 common shares from one of the mortgage lender's major investors for $4.95 million. Minneapolis-based U.S. Bancorp said it will pay Foundation Cos., a closely held venture capital fund, $9.90 each for the shares, a 10% discount on New Century's closing price of $11 on Dec. 22, when it agreed to make the purchase.
BUSINESS
March 26, 2004 | From Reuters and Bloomberg News
U.S. Bancorp said Thursday that four mutual fund portfolio managers, including two at a fund being investigated for questionable trading, have left the company. The managers were fired Monday after refusing to relocate from Milwaukee to Minneapolis, where U.S. Bancorp is based, one of the managers, John Potter, said in an interview. Two of the managers ran the fund in which the trading was in question -- the $597-million First American Small Cap Growth Opportunities fund.
BUSINESS
April 15, 2000 | Edmund Sanders
New Century Financial Corp. in Irvine said U.S. Bancorp has agreed to lend an additional $10 million to the company in exchange for new stock warrants that would bring the Minneapolis bank's stake in the mortgage lender to nearly 28%. With the new loan, U.S. Bancorp's investment in New Century totals about $85 million over the past 18 months. New Century officials said they plan to use the money to develop new mortgage products and to adopt an automated underwriting system for loan approvals.
BUSINESS
September 11, 2001 | A Times Staff Writer
U.S. Bancorp, owner of Firstar Banks and U.S. Bank, has completed its acquisition of 20 Pacific Century Financial Corp. branches in Southern California, including six in Orange County, the financial institutions said Monday. Financial details were not disclosed. Pacific Century's branches in the county are in Anaheim, Brea, Irvine, Los Alamitos, Santa Ana and Westminster.
BUSINESS
September 23, 2000 | From Bloomberg News
U.S. Bancorp reached an agreement with 38 states, including California, over claims that the bank violated consumer protection laws by providing details of customers' accounts to an outside telemarketing firm, officials said Friday. The St. Paul, Minn.-based bank's settlement with the attorneys general of 38 states and the District of Columbia is nearly identical to the one it reached in June 1999 with the Minnesota attorney general's office.
BUSINESS
November 2, 1999 | EDMUND SANDERS, Edmund Sanders covers financial institutions and fraud for The Times. He can be reached at (714) 966-5811 and at edmund.sanders@latimes.com
Acquisitive U.S. Bancorp continues to find buying opportunities in Orange County. The Minneapolis-based bank, which is about to close its purchase of Newport Beach-based Western Bancorp., said it is also boosting its investment in New Century Financial Corp., the Irvine mortgage lender. U.S. Bancorp, which owns a 23% stake in New Century, said it will invest another $20 million in the Orange County company, which specializes in loans to borrowers with credit problems.
BUSINESS
January 20, 2010 | By Nathaniel Popper
Wall Street may be drawing attention for its rebounding profits, but not all big banks are rolling in dough. On Tuesday, Citigroup posted a $7.6-billion loss for the last three months of 2009, the banking giant's first unprofitable quarter since 2008. Similar bad news is expected today when Bank of America Inc., Wells Fargo & Co. and U.S. Bancorp report their earnings. Although these commercial banks may have substantial Wall Street operations, they rely heavily on bread-and-butter consumer lending -- a business whose problems only now may be peaking along with the joblessness and other financial woes of ordinary Americans.
BUSINESS
October 31, 2009 | E. Scott Reckard
Regulators seized Los Angeles-based California National Bank on Friday night in the country's fourth-largest bank failure this year. The 68-branch bank, a unit of FBOP Corp., was immediately acquired by the U.S. Bank unit of Minneapolis-based U.S. Bancorp, with no losses to be incurred by depositors, the Federal Deposit Insurance Corp. said. The branches, mostly in Los Angeles and Orange counties, were set to reopen as usual Saturday or Monday as branches of U.S. Bank, which has been expanding rapidly in Southern California.
BUSINESS
November 25, 2008 | E. Scott Reckard nd Tiffany Hsu, Reckard and Hsu are Times staff writers.
U.S. Bancorp's weekend takeovers of failed Downey Savings & Loan and PFF Bank appear to have gone smoothly for customers and bank employees, a contrast to July's collapse of IndyMac Bank. Federal regulators, who seized the two Southern California thrifts Friday night, already had lined up U.S. Bancorp as the new owner. U.S. Bancorp pledged to honor all deposits, including uninsured funds, and said it would not close any branches. On Monday, the branches opened for business as usual, and customers took the change in stride.
BUSINESS
December 15, 2007 | From the Associated Press
A jury has ordered U.S. Bancorp to pay $17.6 million in a civil lawsuit brought by the trustee overseeing the bankruptcy of a company that defrauded investors out of $45 million. The Orange County Superior Court jury concluded last week that the bank should have known about fraudulent accounts that it opened for operators of Newport Beach-based DFJ Italia Ltd. Seven people have pleaded guilty to federal charges stemming from the financial scam, which ran from 1996 to 2000.
BUSINESS
January 17, 2007 | From the Associated Press
Wells Fargo & Co. fattened its profit margins and pocketed more customer service fees to boost its fourth-quarter earnings 13%, while U.S. Bancorp lowered its problem loans and expenses to eke out a modest improvement. The results released Tuesday provided investors with their first look at how the nation's biggest banks fared during the final three months of 2006 -- a period in which the U.S.
BUSINESS
April 11, 2006 | From Reuters
The California Public Employees' Retirement System said Monday that it endorsed a proposal to require U.S. Bancorp to give shareholders a say in how the firm pays top executives. CalPERS, the largest U.S. pension fund, with $207 billion in assets, announced its support several weeks after the Minneapolis-based bank's chief executive, Jerry Grundhofer, mailed shareholders an unusual letter urging rejection of the proposal. U.S.
BUSINESS
April 20, 2005 | Kathy M. Kristof, Times Staff Writer
Wells Fargo & Co. reported a 5% increase in first-quarter profit Tuesday but fell slightly short of analyst estimates after accelerating its time frame for writing off bad loans. The San Francisco-based banking company earned $1.86 billion, or $1.08 a share, for the period ended March 31. That compares with $1.77 billion, or $1.03 a share, a year ago. Revenue rose 13% to $8.09 billion. Analysts had predicted that Wells would earn a penny more a share. Its shares fell 58 cents to $58.
BUSINESS
April 14, 2005 | From Bloomberg News
U.S. Bancorp, the sixth-biggest U.S. bank, will install 333 automated teller machines at Walgreen Co. stores in California and Nevada to expand in the West. Minneapolis-based U.S. Bancorp said its U.S. Bank subsidiary would install 312 ATMs in California and 21 in Nevada. U.S. Bancorp will about double its ATMs in California to 684, and will boost its ATMs in Nevada to 119. The bank has 306 branches in California and 40 in Nevada.
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