US Bank 2009 Annual Report Download - page 14
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Please find page 14 of the 2009 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.12 U.S. BANCORP
Quality
Strength
Leadership
Despite the economic downturn, we have steadily
strengthened our company. Consistent with our long-term
growth strategy, we have made opportune in-market,
FDIC-assisted acquisitions since November 2008,
increasing the value and growth potential of our bank.
Our strong balance sheet and earnings are critical
advantages in our ability to seize opportunities while rivals
are distracted by internal issues or integration struggles.
In the largest of our acquisitions, in October 2009, we
acquired approximately $18 billion in assets and branch
locations in key growth markets of California, Arizona,
Nevada and Illinois from the nine banks held by FBOP
Corporation, an Illinois company. Earlier in 2009, we
purchased 20 former branches of the failed Colonial Bank
in Las Vegas and northern Nevada from BB&T Corp.,
almost doubling our deposit base in the state.
Other recent bank acquisitions through the FDIC were
Downey Savings & Loan, in California and Arizona;
PFF Bank & Trust in Southern California; and First Bank of
Idaho. They all position us solidly for long-term growth.
Acquisitions not limited to branches
We have also taken advantage of opportunities to gain scale
and increase fee income in other key businesses. In 2009,
we purchased the bond trustee businesses of First Citizens
BancShares and AmeriServ, solidifying our Top 2 position
in these businesses, and the mutual fund administration
business of Fiduciary Management, Inc. with more than
$8 billion in assets under administration. We also acquired
KeyCorp’s and Associated Bank’s credit card issuing
programs; Diner’s Club merchant processing portfolio in
Europe; and Citizens National merchant processing portfolio.
Businesses making a national name for themselves
From the day we opened our fi rst Corporate Banking offi ce in
midtown Manhattan in 2007, we have steadily increased the
reputation and visibility of this comprehensive and growing
business. We support our reputation, capabilities and com-
petitive advice with national marketing that targets Fortune
1000, Forbes 400 and Greenwich 2300 decision makers.
Organic revenue growth
combined with strategic
acquisitions build market share
and expand businesses
branch
acquisitions
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Strategic Growth
and Expansion