U.S. Bancorp works to build strong market positions in all of our businesses and to grow deposit market share in our 25-state branch footprint. As we grow the scope and scale of our businesses, we are able to compete even more effectively. U.S. Bank has expanded profitably through organic growth and through strategic acquisitions during the past two years. Acquisitions of smaller banks, corporate trust businesses, card portfolios, and payment processing providers and portfolios are already contributing, or have the potential to augment, capital generation and revenue growth.

In Consumer Banking, we have opened new traditional branches, on-site and in-store branches and made some low-risk acquisitions in selected high-growth markets. In particular, recent acquisitions added new scale to current key markets in California, Arizona and around Chicago, and we entered the state of New Mexico with 35 branches, giving us top-three deposit market share in that state. Our objective is to achieve and maintain top-three market share or higher in key markets over time. We are the nation’s fourth-largest branch network overall and number one in in-store branches. Our mortgage banking division is now sixth-largest in the nation in originations and in servicing. Our home mortgage origination market share has grown 400 percent since 2007, while adhering to our prudent risk management policies.

In our Wealth Management and Securities Services business, we have made strategic acquisitions that build market share and capabilities, including international alliances which allow us to service clients’ global needs. U.S. Bank has successfully completed 18 corporate trust acquisitions over the past 20 years and we are ranked in the top three in the areas of Municipal Trustee, Corporate Trustee and Structured Trustee. We are also in the top three as a third-party provider of mutual funds services. Our December 30 acquisition of the domestic and European-based securitization trust administration businesses of Bank of America, N.A., solidified U.S. Bank’s position as a top-tier corporate trust provider.

A single international processing platform and rapid expansion via acquisitions, strategic alliances and joint ventures has moved our Payment Services business to the forefront of global payments, and this scale allows us to leverage our substantial technology investments. Our payments subsidiary Elavon is a top-five domestic merchant acquirer and a top-ten global merchant acquirer. In addition to building our domestic business, notably providing payments services to other banks, we continue to expand internationally with a continued focus on Western Europe, and new operations in Mexico and Brazil.

We are expanding our lower-risk capital markets activities to better meet the needs of our clients and prospects, as well as to build scale in this growing business.

Building relevant scale profitably across all our lines of business has been a successful strategy for us. We have executed the strategy in ways that benefit the profitability and capabilities of our businesses, our financial performance and the quality of products and services we offer our customers.