U.S. Bancorp serves multiple customer segments in our 24-state footprint through a broad, attractive business mix with scale, resulting in competitive advantages, operating economies, reduced risk, diversified revenue streams and a wide range of ways to satisfy every customer.
U.S. Bancorp has a very attractive growth franchise.
Our core regional businesses operate in our 24-state footprint and benefit from the geographic density of our banking locations and franchise support in terms of cross-sell, crossservicing and back-office support. Our top-performing regional businesses, combined with our specialized national-scale businesses, create a diversified and advantaged revenue mix of both spread and fee income from discrete sources. With challenge, opportunity, risk and reward spread across all geographic markets and a wide range of customer and business segments, we are positioned to capitalize on a recovering economy, while tolerating individual market or industry weaknesses.
 |
Martin L. Mathews, President, CEO & Co-Founder, Mathews-Dickey Boys' & Girls' Club - St. Louis, MO
The sports, educational and cultural programs of the Mathews-Dickey Boys' & Girls' Club in St. Louis instill "The Three R's: Respect, Restraint & Responsibility" within more than 40,000 deserving young men and women each year. In 1982, President Ronald Reagan recognized the Club's neighbor-helping neighbor concept by declaring it a model for the country. Numerous other government, media, sports and civic luminaries have applauded the 44-year-old organization's impact in keeping more than one million youth on the fields, in the classroom and off the streets. We've enjoyed a successful relationship with Mathews-Dickey, a long-time client of the U.S. Bank Private Client Group. We are proud to manage the Endowment Fund for Mathews-Dickey to support its youth-enrichment programs for years to come.
|
|
|
Improving business unit trends.
\We see strong business momentum in
Consumer Banking; we opened nearly a quarter of a million more checking accounts
than were closed in 2003. A checking account is our retail customers' primary link
to U.S. Bank and is the basis for our 11.7 percent compound annual growth rate in
branch-generated average low-cost core deposits. More importantly, checking is
the starting point for expanded consumer relationships, reflected in a 12 percent
compound annual growth rate in branch-generated average retail loans. Small
business loans and branch-based investment product fee income also showed
double-digit growth rates.
Our investment in distribution in high-growth markets continues, most particularly
our current in-store branch expansion and our extension of mortgage banking
origination capabilities in western markets.
In our Wholesale Banking business, the timing of commercial loan growth is still
uncertain; however, we expect credit improvement trends to continue, a key driver
of future growth. Along with loan generation, our relationship managers are putting
renewed focus on providing appropriate supplementary services and deposit products
to our commercial customers.
Improving equity markets are driving growth in our Private Client, Trust & Asset
Management business units, as are outstanding service and our exceptional personal
attention to each customer. Deposits, total loans and noninterest income are on
upward trends. We strive to increase the level and breadth of services we provide to
corporate executives, business owners, legal and healthcare professionals, professional
athletes and non-profit organizations with their specialized and complex financial
needs. Private Client Group earns an increasing share of wallet through expert
investment management, financial planning, personal trust and private banking
services. Institutional investment needs are met with high-performing securities
lending, equity, fixed income and cash products. 
|
|
Revenue by Business Segment
15.1% Metropolitan Banking
11.9% Community Banking
10.3% Retail Payment Solutions
6.7% Corporate Banking
6.2% NOVA Information Systems
5.5% Middle Market Banking
4.9% Mortgage Banking
4.3% Consumer Lending
3.9% Private Client Group
3.4% Commercial Real Estate
2.5% Corporate Trust
2.0% Government Banking
1.9% Asset Management
1.9% Corporate Payment Systems
1.1% Institutional Trust
.7% Fund Services
Diversified Regional Businesses
Consumer Banking
Community Banking
In-store Banking
Insurance
Investments
Metropolitan Banking
Small Business Banking
Institutional Trust
Middle Market Banking
Private Client Group
|
|
