US Bank 2008 Annual Report Download - page 14

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12 U.S. BANCORP
Expanding
Broader reach, wider scope of services, new markets, more locations,
more of what U.S. Bank does best.
Knowledge and
responsiveness
In 2008, U.S. Bank continued
its commitment to invest in the
Company for the future.
Three advantageous in-market
acquisitions during the year
expanded our presence in key
markets of California. In June
we completed the acquisition of
Mellon 1st Business Bank, acquiring
$3.4 billion in assets and expanding
our middle market commercial
lending capabilities in those markets.
Then in November, we acquired the
majority of the banking operations
of Downey Savings and Loan and
PFF Bank & Trust from the FDIC,
with built-in conditions that limit
credit losses. The transactions
added 213 new banking locations,
primarily in California, and we now
have the fourth-largest branch
network in the state of California.
In-store branch network
largest in nation
In another branch expansion
initiative, in September we assumed
the leases of 49 full-service in-store
banking offi ces in Smith’s Food
and Drug Stores, a division of the
Kroger Co., in Nevada and Utah,
two targeted growth markets for
us. When all are opened, by the
end of March 2009, U.S. Bank
will have the nation’s largest
network of in-store and
on-site branches with over
From world-wide credit and debit card
processing to electronic check and gift
card issuing... to corporate travel,
purchasing and fl eet and aviation fuel
payment systems... to new healthcare
payment solutions, our Payment
Services division sets new standards in
convenience, reliability and innovation.
Customers know our services will grow
with them, as we expand capabilities
and service to meet current and future
needs. Through acquisitions and
continued investment in existing operations,
our payments capabilities have grown
substantially at home and abroad.
In Fall 2008, U.S. Bank, as the
number one Visa Gift Card issuer in the
United States, issued our 25 millionth
Visa Gift Card.
and expansion
for a global era
growth
Payment Services —
My U.S. Bank commercial team
knows me, knows my business,
knows what I’m going through right
now and is on my side every step
of the way.”
“