Strategic Growth and Expansion
Organic revenue growth combined with strategic acquisitions build market share and expand businesses
Despite the economic downturn, we have steadily strengthened our company. Consistent with our long-term growth strategy, we have made opportune in-market, FDIC-assisted acquisitions since November 2008, increasing the value and growth potential of our bank.
Our strong balance sheet and earnings are critical advantages in our ability to seize opportunities while rivals are distracted by internal issues or integration struggles.
In the largest of our acquisitions, in October 2009, we acquired approximately $18 billion in assets and branch locations in key growth markets of California, Arizona, Nevada and Illinois from the nine banks held by FBOP Corporation, an Illinois company. Earlier in 2009, we purchased 20 former branches of the failed Colonial Bank in Las Vegas and northern Nevada from BB&T Corp., almost doubling our deposit base in the state.
Other recent bank acquisitions through the FDIC were Downey Savings & Loan, in California and Arizona; PFF Bank & Trust in Southern California; and First Bank of Idaho. They all position us solidly for long-term growth.
Acquisitions not limited to branches
We have also taken advantage of opportunities to gain scale and increase fee income in other key businesses. In 2009, we purchased the bond trustee businesses of First Citizens BancShares and AmeriServ, solidifying our Top 2 position in these businesses, and the mutual fund administration business of Fiduciary Management, Inc. with more than $8 billion in assets under administration. We also acquired KeyCorp's and Associated Bank's credit card issuing programs; Diner's Club merchant processing portfolio in Europe; and Citizens National merchant processing portfolio.
S.T.A.R.T. savings program goes national. U.S. Bank's Savings Today And Rewards Tomorrow™ (S.T.A.R.T.) program piloted in Seattle, Cincinnati and Joplin/Springfield, Missouri, is being rolled out across our 24-state franchise. S.T.A.R.T. allows customers to regularly transfer money into a savings account and to earn rewards when they reach certain savings milestones. Savers receive a $50 U.S. Bank Rewards Visa Card when savings balances build to $1,000, and if they maintain that balance for one year, they earn another $50 Rewards Visa Card from U.S. Bank.
Businesses making a national name for themselves
From the day we opened our first Corporate Banking office in midtown Manhattan in 2007, we have steadily increased the reputation and visibility of this comprehensive and growing business. We support our reputation, capabilities and competitive advice with national marketing that targets Fortune 1000, Forbes 400 and Greenwich 2300 decision makers.
In May we opened a new Corporate Banking and Capital Markets office in Charlotte, North Carolina, creating excitement and 30 new jobs. We're also creating 1,100 new jobs in Overland Park, Kansas, at a new operations center, 50 new jobs in Bowling Green, Kentucky at our growing Mortgage Center and 45 technical jobs in Milwaukee to support our growing card business.
Our Commercial Banking and Commercial Real Estate divisions also are positioning themselves for organic expansion across the nation.
Growth and expansion through partnerships around the world
Last fall, our wholly owned Payments subsidiary, Elavon, and Santander Bank launched a partnership for merchant services in the UK. The alliance combined Elavon's leading global payments capability with one of the strongest banks in the world and positions us, jointly, to become a UK leader in merchant acquiring. In January, we extended the relationship with Santander through the establishment of a joint alliance in Mexico, a reflection of Elavon's global growth strategy.
Wealth Management restructures to expand and enhance service to all customer segments
With the goals of creating a best-in-class customer experience and becoming a lifetime financial partner, Wealth Management recently launched a new service model for all client segments. In partnership with Consumer Banking, many affluent customers can now be served directly in our branches, receiving the advice and investment vehicles to build wealth. Those with greater investment and servicing needs and higher investable assets are served by The Private Client Group, and at the most sophisticated and highest net worth levels, by our exclusive The Private Client Reserve.