US Bank 2009 Annual Report Download - page 6
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Please find page 6 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.4 U.S. BANCORP
Fellow Shareholders
2009 was a remarkable year — a year that distinguished
U.S. Bancorp as a very special company.
U.S. Bancorp’s fi nancial performance continued to be
industry-leading in 2009. During this unprecedented year
of economic uncertainty and fi nancial recession, we
remained focused on our role as a strong and trusted
guide for our customers and an active participant in our
communities. Further, we accepted the challenge to serve
as a leader within the fi nancial services industry to promote
a “new dialogue” and instill confi dence in the key role of
banks in the economic recovery.
Quality, Strength, Leadership
The theme of this year’s Annual Report to Shareholders
is Quality, Strength, Leadership. These attributes refl ect
the manner in which U.S. Bancorp has endeavored
to manage through this time of unparalleled turmoil on
behalf of our shareholders, customers, employees
and the communities we serve.
Long before the recent economic events occurred,
U.S. Bancorp was known as a prudent, conservative and
high quality banking company. During the years leading
into the recession, we were often considered too prudent
or too cautious. Our banking model was simple, transparent
and predictable. And while we are pleased that this
conservative operating philosophy has served us very well
during this downturn — we are equally pleased with our
growing momentum and the recent investments we have
made in our franchise, our people and our communities.
Flight to quality
U.S. Bancorp’s stability and soundness created a manifest
fl ight to quality that began two years ago and continues
today, as customers seek a solid fi nancial partner that they
can trust. This strong operating position was best refl ected
in the substantial growth of our balance sheet and further
During 2009, U.S. Bancorp continued to create
momentum and position the company for
long-term growth and profitability. We protected
our franchise and benefited from a flight to quality.
Total Net Revenue
(Taxable-Equivalent Basis)
(Dollars in Billions)
20
10
0
05 06 07 08 09
13.2
13.7
14.1
14.7
09
16.7
2