US BANCORP \DE\ (USB)

U.S. Bancorp is a Minneapolis-based financial services holding company and registered bank holding company that has elected financial holding company status, serving millions of local, national and global customers through a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management, as well as credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. Its principal banking subsidiary, U.S. Bank National Association (USBNA), conducts general banking business predominantly in domestic markets and held all of the company's consolidated deposits of $518.3 billion at December 31, 2024, offering products to individuals, businesses, institutional organizations, governmental entities and other financial institutions; commercial and consumer lending is offered largely within domestic markets and to specific targeted industries such as healthcare, utilities, oil and gas, and state and municipal government, with lending services including traditional credit products, credit card services, lease financing, import/export trade, asset-backed lending and agricultural finance, alongside checking and savings deposit products and ancillary services like capital markets, treasury management and lock-box collection for corporate and governmental clients. Bank and trust subsidiaries provide asset management and fiduciary services to individuals, estates, foundations, corporations and charitable organizations, while other non-banking subsidiaries offer investment and insurance products domestically and fund administration services to mutual and other funds.

The company operates a network of 2,165 branches across 26 states, primarily in the Midwest and West, along with 4,489 ATMs, extensive digital and mobile banking, mortgage banking offices and loan production offices, and is among the largest U.S. providers of corporate and purchasing card services and corporate trust services; it also provides merchant processing in Canada and parts of Europe and corporate trust and fund administration services in Europe, though foreign operations are not significant. The company's major reportable business segments are Wealth, Corporate, Commercial and Institutional Banking, which provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, brokerage and investment services to wealth, middle market, large corporate, commercial real estate, government and institutional clients; Consumer and Business Banking, encompassing consumer banking, small business banking and consumer lending delivered through banking offices, telephone, online, mobile, mail, ATMs and intermediary relationships such as auto dealerships and mortgage banks; Payment Services, covering consumer and business credit cards, stored-value and debit cards, corporate, government and purchasing card services, and merchant processing; and Treasury and Corporate Support, which manages the company's investment portfolios, funding, capital management, interest rate risk, unallocated income taxes (including tax-advantaged project investments), and residual corporate expenses. The company competes with commercial banks, savings and loan associations, mutual savings banks, finance companies, mortgage banking companies, credit unions, investment companies, credit card companies, and increasingly with fintech companies offering bank-like products, with competition based on customer service, product breadth, pricing, reputation, rates, lending limits and technological convenience.

As of December 31, 2024, the company employed 70,263 people globally, supported by corporate hub locations, its branch network and business centers, and it operates under extensive federal and state regulatory oversight as a bank holding company subject to Federal Reserve, OCC, FDIC and CFPB supervision, including enhanced prudential standards applicable to large banking organizations under the Dodd-Frank Act and related tailoring rules.