US Bank 2011 Annual Report Download - page 15

U.S. BANCORP 13
Momentum
markets
Entering our 25th state and new markets, expanding services
In 2011, U.S. Bank expanded its branch banking network into New Mexico, its 25th
contiguous state, adding 35 branches in New Mexico and three in Arizona with the
acquisition of the banking operations of First Community Bank, a subsidiary of First State
Bancorporation. The transaction established U.S. Bank immediately as one of the top
three banks in market share in the state of New Mexico.
In January 2012, U.S. Bank again acquired important branches with the purchase
of the banking operations of BankEast, a subsidiary of BankEast Corporation, based
in Knoxville, Tennessee, extending our franchise in the attractive Tennessee market.
The former BankEast’s 10 branches in the Knoxville area bring U.S. Bank’s total branch
count in Tennessee to 91, with plans to continue to expand organically in the state.
U.S. Bank Corporate Trust expands to Europe
U.S. Bank’s year-end 2010 acquisition of the domestic and European-based securitization
trust administration businesses of Bank of America, N.A. established U.S. Bank as a leader
in the U.S. structured fi nance trust business and complements U.S. Bank’s current market
position in the U.S. corporate and municipal trust business. It also established a presence
in Europe with offi ces in Ireland and London, England, providing U.S. Bank Corporate
Trust Services with an opportunity to expand its distribution and product offerings abroad.
We continue to look for additional opportunities to acquire business as other banks look
at sales to raise capital to meet new regulatory requirements. U.S. Bank Global Corporate
Trust Services is one of the largest providers of trustee services in municipal, corporate,
asset-backed and international bonds, providing a wide range of trust and agency services.
The momentum continues in Wealth Management
The launch of Ascent Private Capital Management (see sidebar) completes the
transformation of our Wealth Management business into one with the capability to meet
the specialized needs of affl uent, high net worth and ultra high net worth clients. The
Private Client Group now serves greater numbers of affl uent clients more conveniently
through our expansive branch network, while high net worth clients are served by a
dedicated wealth manager and team of specialists in The Private Client Reserve to meet
their demands. With $78.8 billion in assets under management and our targeted advice,
expertise and services, we are among the leaders in Wealth Management, ranked in
Barron’s 2011 “Top 40 Wealth Managers” list.
Growing beyond our 25-state footprint in high-growth businesses
Our Elavon payments business continues to expand internationally, as does Treasury
Management through global partnerships. At the same time, our Corporate Banking,
Corporate Trust, Commercial Real Estate, and Capital Markets businesses continue to
expand in national markets. Our growth in market share, industry-leading fi nancial results
and recognition as one of the nation’s strongest banks has created new awareness of
our strength, capital position and expertise. Our ability to deliver on our commitments has
continued a fl ight to quality and generated new business for all these businesses.
Elavon, our subsidiary and a leading
global payments provider, won the
Merchant Acquirer of the Year Award
at the Cards & Payments Europe 2011
Conference for making “a major change
to the industry through expansion,
acquisitions or technological
advancements.”
excellence
ex
Elavon