US Bank 2008 Annual Report Download - page 15

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U.S. BANCORP 13
Expanded marketing and advertising accompanies the conversion of a U.S. Bank market
to a PowerBank market. TV commercials and newspaper advertisements communicate
longer hours and other PowerBank benefi ts.
An important client benefi t of Wealth
Management’s expanded service model
is having an entire team of dedicated
Personal Trust Specialists available to
address any needs or questions.
700 of these offi ces, giving us access
to more than 10 million prospects
weekly. More locations are
scheduled to open later in 2009.
Other expansions included the
2008 acquisition of Southern
DataComm, a payments software
and service provider, by our
wholly owned Elavon (formerly
NOVA Information Systems)
payments subsidiary. The addition
gives U.S. Bancorp true end-to-end
payments capability in our
international payments processing.
Other U.S. Bancorp lines of business
expanded, too. In Wholesale Banking
we expanded our penetration of
Fortune 500 customers, and we
saw continued growth in Treasury
Management services with cutting
edge product introductions,
including further enhancements to
our proprietary on-line management
tool, SinglePoint. Wholesale rate
of growth in Community Banking
markets doubled in the fourth
quarter as customers continued a
“fl ight to quality,” seeking stability
and soundness in their banking
partner. We also expanded our
National Corporate Banking
services in Chicago.
U.S. Bank SBA services expand
to Mid-Atlantic
In February 2008, U.S. Bank opened
its fi rst offi ce on the East Coast in
Wilmington, Delaware, providing
Small Business Administration (SBA)
guaranteed loans in six Mid-Atlantic
states, plus Washington, D.C. The
new presence expands our sizable
SBA business; U.S. Bank is the nation’s
third-largest SBA lender among
banks by volume and operates
24 designated SBA business center
offi ces nationwide. We provided
a record $504 million in SBA loans
in 2008.
In spite of turmoil in the housing
markets, our Mortgage Banking
business fl ourished in 2008, again
refl ecting the fl ight to quality. We