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U.S. Bancorp

Big banks push for California customers

Wed, 07/07/2010 - 10:11 by Rakhi

Los Angeles -- Some of the country's biggest banks say they are looking to expand in California, land of 37 million customers, sunshine -- and high unemployment.

JPMorgan Chase & Co., which purchased Washington Mutual, said it is planning to add hundreds of new branches to the 700 locations it already has in the state, the Los Angeles Times reported Tuesday.

U.S. Bancorp, buyer of Downey Savings, Pomona First Federal Bank and California National Bank, has expanded its presence in California to 660 branches since the financial meltdown opened opportunities to do so.

Although its headquarters is in New York, Citibank is also expanding in California, the newspaper said.

FBOP Corp. bought by U.S. Bancorp

Sun, 11/01/2009 - 10:35 by shalini.bahadur

Chicago -- The Chicago area's third-largest locally based bank holding company was seized by federal regulators and purchased by Minnesota-based U.S. Bancorp.

Oak Park-based FBOP Corp. was shut down Friday by the Federal Deposit Insurance Corp., after failing in the wake of the federal government's seizure more than a year ago of mortgage giants Fannie Mae and Freddie Mac, Crain's Chicago Business reported.

At the time, FBOP had seen more than $800 million of the preferred stock it held in Fannie and Freddie wiped out.
With the acquisition of the failed bank, U.S. Bank becomes the 11th-largest bank in the Chicago area, growing from 57 to 87 branches and increasing its deposits from $2.4 billion to $5.8 billion, Crain's reported.

U.S. markets slide Monday

Mon, 05/11/2009 - 19:59 by Inderjit Singh

New York -- U.S. stock markets stumbled early as financial firms faced decisions on how to make up capital shortfalls as defined by the Treasury Department.

The Treasury released details of the stress tests done on 19 of the country's largest banks Thursday. Shares of Capital One Financial, U.S. Bancorp and BB&T fell after the companies said they would sell stocks to increase their cushions and repay government bailout funds, The Wall Street Journal reported.

In midmorning trading, the Dow Jones industrial average lost 105.46 points, or 1.23 percent, to 8,469.19. The Standard & Poor's 500 fell 1.50 percent, 13.93 points, to 915.30. The Nasdaq composite index shed 7.90 points, 0.45 percent, to 1,731.10.