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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.
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BUSINESS
September 14, 1999 | EDMUND SANDERS, TIMES STAFF WRITER
Some consumer groups are criticizing U.S. Bancorp's recent acquisitions in Southern California, accusing the Minneapolis-based bank of focusing on suburban neighborhoods and avoiding low-income and minority areas. The California Reinvestment Committee, a network of more than 200 community organizations and public agencies, is calling for a public hearing by the U.S. Comptroller of the Currency to determine if U.S.
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
February 20, 2003 | From Bloomberg News and Times Staff Reports
U.S. Bancorp on Wednesday became the latest big bank to exit the brokerage business, as the Minneapolis company said it would spin off its Piper Jaffray unit to shareholders. The eighth-largest U.S. bank said Piper no longer fits with the parent company's long-term growth plan. Like other brokerages, Piper has been hurt as the three-year bear market on Wall Street has sapped demand for stocks and for merger advice.
BUSINESS
October 5, 2000 | EDMUND SANDERS, TIMES STAFF WRITER
Banking brothers John and Jerry Grundhofer--who built their careers in California before leaving to lead their own financial institutions in the Mid-West--said Wednesday they would combine their banks in a $19-billion deal. The sale of John Grundhofer's Minneapolis-based U.S. Bancorp to his younger brother's Milwaukee-based Firstar Corp. will create the nation's eighth-largest bank, with about $160 billion in assets in 24 states.
BUSINESS
February 13, 1996 | From Bloomberg Business News
U.S. Bancorp agreed Monday to buy California Bancshares Inc. for about $309 million in stock, in a move that would boost its presence in Northern California. U.S. Bancorp would almost double its market share in California with the proposed purchase of California Bancshares, which more than doubled its earnings in the last two years. Just last month, Portland-based U.S. Bancorp bought West One Bancorp of Boise, Idaho, for $1.
BUSINESS
December 16, 1997 | From Bloomberg News
U.S. Bancorp, the 15th-largest U.S. bank, on Monday agreed to buy Piper Jaffray Cos. for about $730 million in cash in order to lock in Midwestern customers with a broader array of financial services. The transaction values Minneapolis-based Piper at $37.25 a share, or about four times book value--assets minus liabilities--a bigger premium than the already lofty prices that other banks paid this year to buy securities firms. Piper shares rose $6.63 to close at $36.
BUSINESS
March 21, 1997 | From Bloomberg News
First Bank System Inc. on Thursday agreed to acquire U.S. Bancorp for about $9 billion in stock, fulfilling a long-sought goal of expanding to the West Coast. First Bank's acquisition of Portland, Ore.-based U.S. Bancorp would form the 14th-largest U.S. bank, with $70 billion in assets and 1,000 branches from the Mississippi River to the Pacific Ocean.
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
May 9, 1995 | From Times Wire Services
U.S. Bancorp said it will pay $1.6 billion in stock for Idaho's largest bank, West One Bancorp, strengthening its position as the biggest bank in the Pacific Northwest. The marriage will create a regional bank based in Portland with $30 billion in assets, $21 billion in deposits and a market capitalization of more than $4 billion, placing it among the 30 largest banking organizations in the country. The merger will mean the elimination of 1,100 jobs, or 7.
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