US Bank 2006 Annual Report Download - page 10

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8U.S. BANCORP
wholesale banking
continued demand for corporate and
commercial loans in 2006, stabilized
net interest margin and exceptional
leveraging of cross-sell opportunities
position us well.
KEY BUSINESS UNITS
Middle Market Commercial Banking
Commercial Real Estate
National Corporate Banking
Correspondent Banking
Dealer Commercial Services
Community Banking
Equipment Finance
Foreign Exchange
Government Banking
International Banking
Treasury Management
Small Business Equipment Finance
Small Business Administration
(SBA) Division
Title Industry Banking
We believe that key indicators in the commercial sector are positive; however,
challenges of competitive credit and deposit pricing continued. The credit profile
of our company remains excellent as we maintain our disciplined underwriting
standards and focus on quality loans. Loans in the Wholesale Banking business
line grew five percent in 2006. Although we may experience some increase in
charge-offs in coming quarters, they should remain manageable. If interest rates
hold steady,we would expect to see continued loan growth and profitability.
During the year,we took a number of actions to further strengthen our commercial
and corporate banking industry position. We added new expertise at the senior
levels in Corporate Banking and Commercial Real Estate and in our food and
agribusiness specialized lending division. We opened new Commercial Real Estate
offices in Atlanta, Boston, Houston and Philadelphia, bringing our number of
CRE offices to 31 across the country, and opened a new foreign exchange office in
Los Angeles, joining those already in Milwaukee, Minneapolis, Portland, St. Louis
and Seattle. We launched a number of new products and expanded several existing
services to provide customer efficiency,fraud protection, treasury management,
and market entry into electronic records management.