US Bank 2001 Annual Report Download - page 59

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On July 24, 2001, the Company acquired NOVA
Business Combinations
Corporation (""NOVA''), a merchant processor, in a stock
On February 27, 2001, Firstar and USBM merged in a and cash transaction valued at approximately $2.1 billion.
pooling-of-interests transaction and accordingly all Ñnancial The transaction, representing total assets acquired of
information has been restated to include the historical $2.9 billion and total liabilities assumed of $773 million,
information of both companies. Each share of Firstar stock was accounted for as a purchase. Included in total assets are
was exchanged for one share of the Company's common merchant contracts and other intangibles of $650 million
stock while each share of USBM stock was exchanged for and the excess of the purchase price over the fair value of
1.265 shares of the Company's common stock. The new identiÑable net assets (""goodwill'') of $1.6 billion.
Company retained the U.S. Bancorp name. In addition to these mergers, the Company has
On September 20, 1999, Firstar and Mercantile completed several strategic acquisitions to enhance its
Bancorporation, Inc., (""Mercantile'') merged in a pooling- presence in certain growth markets and businesses. The
of-interests transaction and accordingly all Ñnancial following table summarizes acquisitions by the Company
information has been restated to include the historical and its acquirees completed since January 1, 1999, treating
information of both companies. Each share of Mercantile Firstar as the original acquiring company:
stock was exchanged for 2.091 shares of Firstar common
stock.
Goodwill
and Other Cash Paid/ Accounting
(Dollars and Shares in Millions) Date Assets Deposits Intangibles (Received) Shares Issued Method
PaciÑc Century BankÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ September 2001 $ 570 $ 712 $ 138 $ (40) Ì Purchase
NOVA CorporationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ July 2001 949 Ì 1,932 842 56.9 Purchase
U.S. BancorpÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ February 2001 86,602 51,335 Ì Ì 952.4 Pooling
First Union branchesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ December 2000 450 1,779 347 (1,123) Ì Purchase
Scripps Financial CorporationÏÏÏÏÏÏÏÏÏÏ October 2000 650 618 113 Ì 9.4 Purchase
Lyon Financial Services, Inc.ÏÏÏÏÏÏÏÏÏÏÏ September 2000 1,289 Ì 124 307 Ì Purchase
Oliver-Allen CorporationÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ April 2000 280 Ì 34 Ì 3.6 Purchase
Peninsula BankÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ January 2000 491 452 71 Ì 5.1 Purchase
Western Bancorp ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ November 1999 2,508 2,105 773 Ì 35.1 Purchase
Mercantile Bancorporation ÏÏÏÏÏÏÏÏÏÏÏÏ September 1999 35,520 24,334 Ì Ì 331.8 Pooling
Voyager Fleet Systems, Inc. ÏÏÏÏÏÏÏÏÏÏÏ September 1999 43 Ì 25 27 Ì Purchase
Bank of Commerce ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ July 1999 638 529 269 Ì 11.8 Purchase
Mellon Network Services' Electronic
Funds Transfer Processing Unit ÏÏÏÏÏ June 1999 Ì Ì 78 170 Ì Purchase
Libra Investments, Inc. ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ January 1999 33 Ì 4 Ì 1.3 Purchase
Separate results of operations as originally reported on a On January 18, 2002, the Company announced a
condensed basis of Firstar and USBM, for the period prior deÑnitive agreement to acquire The Leader Mortgage
to the merger, were as follows: Company, LLC (""Leader''), a wholly owned subsidiary of
First DeÑance Financial Corporation, in a cash transaction.
Year Ended December 31
Leader specializes in acquiring servicing of loans originated
(Dollars in Millions) 2000 1999
for state and local housing authorities. Leader had
Net interest income $506 million in assets at December 31, 2001. In 2001, it
Firstar ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 2,699 $ 2,643
USBM ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,471 3,261 had $2.1 billion in mortgage production and an $8.6 billion
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 6,170 $ 5,904 servicing portfolio at December 31, 2001. The transaction is
expected to close in the second quarter of 2002.
Net income
Firstar ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1,284 $ 875
USBM ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,592 1,507
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 2,876 $ 2,382
Total assets at year end
Firstar ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 77,585 $ 72,788
USBM ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 87,336 81,530
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $164,921 $154,318
U.S. Bancorp
Note 3
57