U.S. Bancorp

What is the difference between U.S. Bancorp and U.S. Bank?
U.S. Bancorp is the publicly traded holding company (NYSE: USB). U.S. Bank National Association is its banking subsidiary and consumer-facing brand. They are headquartered together in Minneapolis.

Is U.S. Bancorp publicly traded?
Yes. U.S. Bancorp trades on the New York Stock Exchange under the ticker USB and is part of the S&P 500.

Who is the CEO of U.S. Bancorp?
Gunjan Kedia became CEO in April 2025. She previously led the wealth, corporate, commercial and institutional banking division. Andy Cecere, CEO from 2017 to 2025, serves as executive chairman.

Does U.S. Bancorp own Elavon?
Yes. Elavon is a wholly owned subsidiary headquartered in Atlanta that provides merchant payment processing in the U.S., Europe, and Canada. U.S. Bank appointed Wally Mlynarski as Elavon CEO in March 2026.

How big is U.S. Bank?
U.S. Bank National Association had $692 billion in assets as of December 31, 2025, making it the fifth-largest commercial bank in the United States.

What did U.S. Bancorp acquire in 2026?
In January 2026, U.S. Bancorp announced a definitive agreement to acquire BTIG, an institutional trading and investment banking firm, for up to $1 billion. The deal was expected to close in the second quarter of 2026.

The holding company was established in 1968 as First Bank System Inc. in Minneapolis. Its banking roots run deeper: predecessor institutions include the First National Bank of Cincinnati, chartered in 1863 under the National Bank Act, and the First National Bank of Minneapolis, founded the same era.

Through the 1970s and 1980s, First Bank System expanded across the upper Midwest. The defining transaction came in 1997, when First Bank System acquired U.S. Bancorp of Portland, Oregon, and adopted the U.S. Bancorp name. In 2001, U.S. Bancorp merged with Milwaukee-based Firstar Corporation, keeping the Minneapolis headquarters and the U.S. Bancorp name. The combined company took the national banking charter dating to 1863, giving U.S. Bank its claim to one of the oldest national bank charters in continuous use.

The company grew through the 2000s with acquisitions including West Coast branches and payments businesses. It acquired merchant processor NOVA Information Systems in 2001 and folded it into what became Elavon. In 2022, U.S. Bancorp completed its largest deal, the approximately $8 billion acquisition of MUFG Union Bank, which added about a million customers and hundreds of branches in California, Washington, and Oregon.

Andy Cecere led the company as CEO from 2017 to April 2025, when Gunjan Kedia, previously vice chair of wealth, corporate, commercial and institutional banking, succeeded him. Cecere became executive chairman.

U.S. Bancorp publishes an annual ESG report covering emissions targets, community lending, and its Community Possible commitment. The company has set a goal of net-zero greenhouse gas emissions by 2050 and reports a more than $50 billion community benefits plan focused on underserved communities, announced alongside the Union Bank acquisition.

U.S. Bancorp appears on Fortune's Most Admired Companies list among superregional banks and has been recognized for digital banking innovation and for workplace inclusion programs.

U.S. Bank has faced regulatory actions in recent years. In 2024, the CFPB fined the bank $21 million over unemployment benefits prepaid card program issues, and the bank previously paid penalties related to fake account openings (2022) and anti-money laundering failures (2018, $613 million). The bank operates under continuing regulatory oversight typical for an institution of its size.