September 14, 1999 |
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.
December 15, 2007 |
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.
January 17, 2007 |
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.
February 20, 2003 |
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.
October 5, 2000 |
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.
February 13, 1996 |
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.
December 16, 1997 |
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.
March 21, 1997 |
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.
April 11, 2006 |
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.
May 9, 1995 |
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.