US Bank 2006 Annual Report Download - page 15

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U.S. BANCORP 13
September 2006
U.S. Bank acquires the municipal and corporate
bond trustee business from SunTrust Banks,
adding 4,700 new client issuances and
$123 billion in assets under administration.
March 2006
U.S. Bancorp Asset Management changes its
name to FAF Advisors to more closely align
company with its First American Funds family of
mutual funds and facilitate continued expansion.
May 2006
The Private Client Group introduces
customized Separately Managed Accounts,
offering a wide range of money managers
and investment choices.
November 2006
U.S.Bank signs agreement to purchase
the municipal bond trustee business of
LaSalle Bank, will acquire 2,875 new
client issuances and $30 billion in assets
under administration.
June 2006
U.S.Bancorp Fund Services is awarded
top-rated status by Global Custodian for
all core services and scores highest in
the survey for customer service.
January 2006
U.S. Bank completes acquisition of the
corporate trust and institutional custody
businesses from Wachovia.
GROWING SHARE
AND SCALE
U.S. Bancorp invests heavily in technology,
new products and distribution channels to
support the development and delivery of
our services to customers. We also invest
in the acquisition of high-value, high-return
businesses that will increase performance,
revenue and earnings.This is especially true
in our Corporate and Institutional Trust
businesses, where recent business acquisitions
have solidified our leadership position,
diversified our geographic presence and
increased market share and scale.
In 2006, we continued these strategic
acquisitions, enhancing our Corporate Trust
and Institutional Trust and Custody capabilities
through acquisitions from Wachovia,
SunTrust and LaSalle Bank, the United States
subsidiary of ABN AMRO Bank N.V.These
acquisitions complement our existing
businesses, and are following the same
successful integration and customer retention
paths as our 12 previous similar acquisitions
over the past few years.
U.S. Bank is now the number one
ABF/MBS/CDO trustee in the nation, number
two for new tax-exempt debt issuances,
number four as corporate debt trustee,
and number nine in global assets under
custody. Upon completion of our most recent
acquisition of the Municipal Trustee business
from LaSalle, U.S. Bank’s corporate trust
division will have $2.5 trillion in assets under
administration, 725,000 bondholders and
more than 86,500 client issuances.