US BANCORP \DE\ (USB)

U.S. Bancorp is a financial services holding company headquartered in Minneapolis, Minnesota, registered as a bank holding company and treated as a financial holding company under the Bank Holding Company Act. It provides lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. Its banking subsidiary, U.S. Bank National Association, holds all of the Company's consolidated deposits, which totaled $522.2 billion at December 31, 2025.

The Company reports five major segments. Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment services. Consumer and Small Business Banking covers consumer banking, small business banking and consumer lending, delivered through branches, telephone, online and mobile channels, ATMs, direct mail, mortgage loan officers, and intermediaries such as auto dealerships and mortgage banks. Payment Services includes consumer and business credit cards, stored-value and debit cards, corporate, government and purchasing cards, and merchant processing. Treasury and Corporate Support covers the investment portfolios, funding, capital management, interest rate risk management and certain corporate expenses. Lending products include traditional credit, credit cards, lease financing, import/export trade, asset-backed lending and agricultural finance. In January 2026 the Company agreed to acquire BTIG, a global firm specializing in institutional trading, investment banking, research and brokerage, for up to $1 billion, with closing expected in the second quarter of 2026 subject to regulatory approvals.

Customers include individuals, businesses, institutional organizations, governmental entities, other financial institutions, estates, foundations and charitable organizations. Lending targets domestic customers, domestic customers with foreign operations, and large national customers in industries such as healthcare, utilities, oil and gas, and state and municipal government. The Company is one of the largest U.S. providers of corporate and purchasing card services and corporate trust services. It offers merchant processing in the United States, Canada and parts of Europe, and corporate trust and fund administration in Europe, though foreign operations are not significant. Banking services are delivered through 2,075 branches across 26 states, primarily in the Midwest and West, 4,428 ATMs, digital banking and telephone service.

The Company had 68,520 employees at December 31, 2025, with more than 20 corporate hub locations. It competes with commercial banks, savings institutions, credit unions, finance and mortgage companies, investment companies, credit card companies, custody banks, asset managers, and fintechs and other technology companies, on factors such as service, product range, price, interest rates, reputation and convenience. As a bank holding company with over $100 billion in assets, it is supervised by the Federal Reserve and is subject to enhanced prudential standards for Category III institutions. U.S. Bank National Association is regulated mainly by the OCC, as well as the FDIC, the Federal Reserve and the CFPB.