US Bank 2007 Annual Report Download - page 14

Download and view the complete annual report

Please find page 14 of the 2007 US Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 126

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126

12 U.S. BANCORP
We’re expanding our
product and service
set, our expertise,
and the accessibility,
speed and security of
our delivery systems.
U.S. Bancorp is continuously expanding its scope of
quality services, its depth of market presence and its
capacity to serve our customers wherever they may
work, live or conduct business.
At U.S. Bancorp, expansion means far more than just geographic extension —
although we continue to grow our businesses across the country and around the world.
More important than a larger franchise footprint is our success in expanding our
product and service benefits, expanding our expertise, and expanding the accessibility,
speed and security of our distribution and delivery systems.
In-market expansion continues Large banking acquisitions are not among
our priorities; however, we continue to look at smaller fill-in opportunities to expand
distribution in existing markets. We have been very successful at this type of
expansion. In February 2007, we completed the acquisition of United Financial Corp.,
the parent company of Heritage Bank in Montana. The transaction strengthened
U.S. Bank’s franchise both by enhancing its existing market presence in certain
regions of Montana and expanding into new regions of the state.
Line of business expansion in 2007 We expanded our payment capabilities
and our commercial payments services in Canada by acquiring a large Canadian
bank’s Visa®purchasing and corporate card portfolio. With our existing U.S. Bank
Canada capabilities, that expansion gave us unparalleled capacity to serve
organizations or government entities of any size in the country.
We continue to grow our wholesale banking platform on a national scale to serve
the sophisticated needs of large corporate and institutional clients. In November, we
opened a national corporate and institutional banking office in midtown New York
City, which also includes the bank’s Wealth Management division. That office bolsters
U.S. Bank’s presence on the East Coast where we have been serving our clients’
corporate trust and escrow needs from our 100 Wall Street location for 14 years.
Last year, U.S. Bank purchased AIMS Logistics, a leading services provider to the
logistics industry. Our customers will have the advantage of enhanced global invoice
processing capabilities, and the purchase is expected to add billions of dollars in
invoicing processing volume to the PowerTrack Payment Network, solidifying
U.S. Bank PowerTrack as the leading commercial payment provider.
We continue to expand our payments capabilities in this country and across western
Europe. Closer to home, we continue to increase our presence in growing markets
through traditional and in-store and on-site offices.