U.S. Bancorp, a holding company, is the parent of U.S. Bank, the sixth-largest bank in the U.S. by assets and one of the largest regional banks. The bank provides financial services, including lending and depository services in 24 states, credit card, merchant, and automated teller machine processing, mortgage banking, insurance, trust and investment management, brokerage, and leasing.
The company's reputation is one of a strong and consistent banking operation, built on a culture of cross-selling and performance-based pay. Richard K. Davis, a former teller who rose through the retail ranks, has received high marks as CEO.
The Minneapolis-based bank traditionally has been a conservative lender. During the housing boom, it opted for slower loan growth in hopes of keeping defaults low. While in recent years it avoided large acquisitions to focus on profitability and cost cutting, it's become a consolidator during the current crisis, having bought all the deposits and some of the assets of two troubled California thrifts, Downey Savings & Loan of Newport Beach and PFF Bank & Trust of Pomona.