LOMTO Federal Credit Union in Woodside, New York Fails

Credit Union Failures 2017 continue with the National Credit Union Association seizing LOMTO Federal Credit Union in Woodside, New York on Monday, June 26, 2017. This is the eighth credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, New York 2, and North Dakota.

The NCUA stated, "NCUA placed LOMTO Federal Credit Union into conservatorship because of unsafe and unsound practices at the credit union. During the conservatorship, NCUA will work to resolve issues affecting the institution’s safety and soundness while maintaining normal member services."

#8 LOMTO Federal Credit Union in Woodside, New York
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Citizens Community Credit Union had approximately $236.5 million in total assets and 2,958 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 6 credit unions in conservatorship in 2017:

Placed In Conservatorship
6 LOMTO Federal Credit Union, Woodside, New York, 6-26-17
5 Citizens Community Credit Union, Devils Lake, North Dakota, 6-23-17
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Citizens Community Credit Union, Devils Lake, North Dakota, Fails

Credit Union Failures 2017 continue with the National Credit Union Association seizing Citzens Community Credit Union, Devils Lake, North Dakota, on Friday, June 23, 2017. This is the seventh credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, New York, and North Dakota.

The NCUA stated, "NCUA placed Citizens Community Credit Union into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, NCUA will work to resolve issues affecting the credit union’s operations."

#7 Citizens Community Credit Union, Devils Lake, North Dakota
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Citizens Community Credit Union had approximately $201.3 million in total assets and 11,399 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 5 credit unions in conservatorship in 2017:

Placed In Conservatorship
5 Citizens Community Credit Union, Devils Lake, North Dakota, 6-23-17
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Riverdale Credit Union, Selma, Alabama Fails

Credit Union Failures 2017 continue with the National Credit Union Association and Alabama Credit Union Association seizing Riverdale Credit Union, Selma, Alabama, on Thursday, June 22, 2017. This is the sixth credit union failure of the year. Credit unions have now failed in Alabama, Florida, Georgia, Louisiana, Michigan, and New York.

The NCUA stated, "The Alabama Credit Union Administration and NCUA placed Riverdale into conservatorship because of unsafe and unsound practices at the credit union. While continuing normal member services, the agencies will work to resolve issues affecting the credit union’s safety and soundness."

#6 Riverdale Credit Union, Selma, Alabama
* National Credit Union Association placed the credit union into conservatorship.
* Operations will continue under NCUA supervision.
* As of the most recent call report, Riverdale Credit Union had approximately $76.2 million in total assets and 12,433 members.

Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 4 credit unions in conservatorship in 2017:

Placed In Conservatorship
4 Riverdale Credit Union, Selma, Alabama, 6-22-17
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Small Business Optimism Index at Near Record Level

Small Business Optimism Index continued record streak in May

Small Business Optimism Continues Remarkable Surge

Small business confidence shot up to near record levels last November and is still flying high, according to the latest National Federation of Independent Business (NFIB) Index of Small Business Optimism.

“The remarkable surge in optimism that began last year right after the election shows no signs of slowing down” said NFIB President and CEO Juanita Duggan. “Small business owners are highly encouraged by the President’s regulatory reform agenda, and they remain optimistic there will be tax reform and health-care reform. This is a policy-driven phenomenon.”

The Index for May matched its strong performance in April of 104.5. That means the Index has been at a historically high level for six straight months. Five of the Index components posted a gain, four declined, and one remained unchanged.

NFIB Small Business Economic Trends Report, May 2017

NFIB Small Business Economic Trends Page

Credit Unions Earn $9.4 Billion in First Quarter 2017

Selected Performance Indicators

• Total assets in federally insured credit unions rose by $97 billion, or 7.8 percent, over the year to $1.34 trillion in the first quarter of 2017.
• Total loans outstanding increased $85 billion, or 10.6 percent, over the year to $884.6 billion.
• The average outstanding loan balance in the first quarter of 2017 was $14,497, up $674, or 4.9 percent, from one year earlier.
• The delinquency rate at federally insured credit unions was 69 basis points in the first quarter of 2017, little changed from 71 basis points one year earlier.
• The net charge-off ratio was 58 basis points, up from 52 basis points in the first quarter of 2016.
• Insured shares and deposits rose $78 billion, or 7.8 percent, over the four quarters ending in the first quarter of 2017 to $1.1 trillion.
• The loans-to-shares ratio stood at 77.7 percent in the first quarter of 2017, up from 76.1 percent in the first quarter of 2016.
• The credit union system’s net worth ratio was 10.70 percent in the first quarter of 2017, compared with 10.78 percent one year earlier.
• Net income totaled $9.4 billion at an annual rate in the first quarter of 2017, up $0.2 billion, or 2.6 percent, from the same period a year ago.
• The net interest margin for federally insured credit unions was $38.0 billion in the first quarter of 2017, or 2.9 percent of average assets.
• The return on average assets for federally insured credit unions was 71 basis points for the first quarter of 2017, little changed from 75 basis points in the first quarter of 2016. The median return on average assets across all federally insured credit unions was 33 basis points, unchanged from the first quarter of 2016.
• The number of federally insured credit unions declined to 5,737 in the first quarter of 2017 from 5,954 in the first quarter of 2016. In the first quarter of 2017, there were 3,584 federal credit unions and 2,153 federally insured, state chartered credit unions. The year-over-year decline is consistent with long-running industry trends.
• The number of credit unions with a low-income designation rose to 2,518 in the first quarter of 2017 from 2,348 one year earlier.
• Federally insured credit unions added 4.3 million members over the year, and credit union membership in these institutions reached 108.0 million in the first quarter of 2017.


About the NCUA

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov, NCUA also educates the public on consumer protection and financial literacy issues.


NCUA Releases Q1 2017 Credit Union System Performance Data

May Employment Report: +138,000 Nonfarm Jobs, 4.3% Unemployment Rate

THE EMPLOYMENT SITUATION -- MAY 2017

Total nonfarm payroll employment increased by 138,000 in May, and the unemployment rate was little changed at 4.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care and mining.

Household Survey Data

The unemployment rate, at 4.3 percent, and the number of unemployed persons, at 6.9 million, changed little in May. Since January, the unemployment rate has declined by 0.5 percentage point, and the number of unemployed has decreased by 774,000

Establishment Survey Data

Total nonfarm payroll employment increased by 138,000 in May, compared with an average monthly gain of 181,000 over the prior 12 months. In May, job gains occurred in health care and mining.

BLS Employment Situation Summary

Banks Earn $44 Billion in First Quarter 2017

First Quarter Net Income of $44 Billion Is 12.7 Percent Higher Than a Year Ago Higher net operating revenue helped lift quarterly earnings of FDIC-insured institutions to $44 billion in the first quarter of 2017. First quarter net income was $5 billion (12.7 percent) higher than the year-earlier total. More than 57 percent of all banks reported year-over-year increases in quarterly earnings, while only 4.1 percent reported negative net income for the quarter. In the first quarter of 2016, 5.1 percent of banks were unprofitable. The average return on assets (ROA) rose to 1.04 percent, from 0.97 percent a year ago.

Banks Post 6.3 Percent Year-Over-Year Growth in Net Operating Revenue Net operating revenue - the sum of net interest income and total noninterest income - totaled $183.6 billion, an increase of $10.9 billion (6.3 percent) from a year ago. More than two out of three banks - 69.7 percent - reported year-over-year growth in net operating revenue. Noninterest income increased $2.1 billion (3.4 percent) over first quarter 2016, as trading income rose by $1.5 billion (26 percent), and servicing income increased by $1.9 billion (220.6 percent). Net interest income was $8.8 billion (7.8 percent) higher, as average interest-bearing assets rose 4.9 percent, and the average net interest margin (NIM) improved to 3.19 percent from 3.10 percent a year ago. Much of the NIM improvement occurred at large banks, as higher short-term interest rates lifted average asset yields. Smaller banks, which have a larger share of their assets in longer-term investments, did not see their NIMs benefit from the rise in short-term rates. More than half of all banks - 53.7 percent - reported lower NIMs than a year ago. Noninterest expenses were $4.5 billion (4.3 percent) higher than a year ago. Salary and employee benefits costs rose $3.3 billion (6.6 percent), as FDIC-insured institutions reported 41,469 more employees than a year ago, a 2 percent increase. Expenses for premises and fixed assets increased by $435 million (3.9 percent) compared to first quarter 2016.



Provisions Register First Decline in Almost Three Years Banks set aside $12 billion in provisions for loan losses in the first quarter, a decline of $541 million (4.3 percent) from a year earlier. This is the first time in the past 11 quarters that loss provisions have fallen. A slightly larger proportion of banks reported higher provision expenses - 34.8 percent - compared to the 31.5 percent who had lower quarterly provisions.

Banks Report Higher Charge-Offs on Loans to Individuals During the first quarter, banks charged-off $11.5 billion in loans, an increase of $1.4 billion (13.4 percent) over the total for first quarter 2016. This is the sixth consecutive quarter that charge-offs have posted a year-over-year increase. Most of the increase consisted of higher losses on loans to individuals. Net charge-offs of credit card balances were up $1.3 billion (22.1 percent), while auto loan charge-offs increased $199 million (27.7 percent), and charge-offs of other loans to individuals rose by $474 million (66.4 percent). In contrast, charge-offs on loans to commercial and industrial (C&I) borrowers were $291 million (15.7 percent) lower than a year ago, while residential mortgage charge-offs were $221 million (52.5 percent) lower. The average net charge-off rate in the first quarter was 0.49 percent, compared to 0.46 percent a year earlier.

Noncurrent Loan Balances Continue to Decline The amount of loans and leases that were noncurrent - 90 days or more past due or in nonaccrual status - fell for the 27th time in the last 28 quarters. In the first three months of 2017, noncurrent loan balances declined by $7 billion (5.3 percent). All major loan categories saw noncurrent balances fall during the quarter. Noncurrent residential mortgage loans declined by $5.3 billion (8.2 percent), while noncurrent C&I loans fell by $1.2 billion (4.6 percent). The average noncurrent loan rate improved from 1.42 percent at year-end 2016 to 1.34 percent at the end of March. This is the lowest average noncurrent rate for the industry since third quarter 2007.



Equity Capital Posts Relatively Strong Increase Equity capital increased by $28.6 billion (1.5 percent) during the quarter. Retained earnings contributed $16.7 billion to equity growth in the quarter. This is $1.6 billion (8.9 percent) less than a year ago, as first quarter dividends were $6.6 billion (31.7 percent) higher. Accumulated other comprehensive income posted a $3.3 billion improvement, as a slight decline in long-term interest rates caused a reduction in unrealized losses in securities portfolios.

Pace of Loan Growth Slows Total loans and leases declined by $8.1 billion (0.1 percent) during the three months ended March 31. This is the first quarterly decline in loan balances since first quarter 2013. Credit card loans posted a seasonal decline of $43.7 billion (5.5 percent), as cardholders paid down outstanding balances. Residential mortgage loans fell by $10.2 billion (0.5 percent), reflecting increased loan sales activity. C&I loans increased by $25.6 billion (1.3 percent), while real estate loans secured by nonfarm nonresidential properties rose by $22.5 billion (1.7 percent). Unused loan commitments increased by $119.3 billion (1.7 percent) during the quarter. The slowing in loan growth that began in the second half of last year continued through the first quarter. The 12-month loan growth rate slowed to 4 percent, down from 5.3 percent in calendar year 2016. While all major loan categories saw balances rise over the past 12 months, annual growth rates are now lower than they were in the previous quarter and a year ago. The rate of loan growth remains above the nominal GDP growth rate.



FDIC Quarterly Banking Profile

Bank Failures 2017 - FDIC Closes Fayette County Bank, Saint Elmo, Illinois

Bank Failures 2017 continue with the FDIC closing Fayette County Bank, Saint Elmo, Illinois on Friday, May 26, 2017. This is the sixth bank failure of the year. Banks have now been closed in New Jersey, Illinois 2, Utah, Louisiana, and Wisconsin in 2017.

#6 Fayette County Bank, Saint Elmo, IL
* Fidelity Bank, fsb, Evansville, Indiana assumed all of the deposits.
* As of March 31, 2017, Fayette County Bank had approximately $34.4 million in total assets and $1.0 billion in total deposits.
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $10.0 million
* In addition to assuming all of the deposits of the failed bank, Fidelity Bank agreed to purchase $28.9 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
* The last FDIC-insured institution closed in the state was Seaway Bank and Trust Company, Chicago, on January 27, 2017.

USA Failed Banks by Year Bank failures skyrocketed in 2009 and 2010 to 140 and 157, respectively - a 2-year total of 297 compared to 32 from 2004 through 2008. Bank failures in 2011 continued at a high rate of 92. The 2012 closings decreased to 51. Closings have continued to decrease through 2016. The total 2017 closings are currently estimated at 15. The 2017 annual bank failures are extrapolated from the weeks reported and failures year-to-date.

Cost of Failed Banks 2017 The total estimated losses to the FDIC Deposit Insurance Fund for 2017 bank closures year-to-date are $1.24 billion.

Losses to the Deposit Insurance Fund (DIF) in 2017 year-to-date:
6 Fayette County Bank, Saint Elmo, Illinois, 5-26-17, $10.0M
5 Guaranty Bank, Milwaukee, Wisconsin, 5-5-17, $146.4M
4 First NBC Bank, New Orleans, Louisiana, 4-28-17, $996.9M
3 Proficio Bank, Cottonwood Heights, Utah, 3-3-17, $11.0M
2 Seaway Bank and Trust Company, Chicago, Illinois, 1-27-17, $57.2M
1 Harvest Community Bank, Pennsville, New Jersey, 1-13-17, $22.3M

FDIC Press Release: United Fidelity Bank, fsb, Evansville, Indiana, Assumes All of the Deposits of Fayette County Bank, Saint Elmo, Illinois
FDIC Failed Bank List



Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 3 credit unions in conservatorship in 2017:

Placed In Conservatorship
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

NCUA Supervisory Actions

Bank Failures 2017 - FDIC Closes Guaranty Bank, Milwaukee, WI

Bank Failures 2017 continue with the FDIC closing Guaranty Bank, Milwaukee, WI on Friday, May 5, 2017. Guaranty Bank did business as BestBank in Georgia and Michigan. This is the fifth bank failure of the year. Banks have now been closed in New Jersey, Illinois, Utah, Louisiana, and Wisconsin in 2017.

#5 Guaranty Bank, Milwaukee, WI
* First-Citizens Bank & Trust Company, Raleigh, NC assumed all of the deposits.
* As of March 31, 2017, Guaranty Bank had approximately $1.0 billion in total assets and $1.0 billion in total deposits.
* FDIC estimates the cost to the Deposit Insurance Fund (DIF) will be $51.6 million
* In addition to assuming all of the deposits of the failed bank, First-Citizens Bank & Trust Company agreed to purchase $892.6 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.
* The last FDIC-insured institution closed in the state was North Milwaukee State Bank, Milwaukee, on March 11, 2016.

USA Failed Banks by Year Bank failures skyrocketed in 2009 and 2010 to 140 and 157, respectively - a 2-year total of 297 compared to 32 from 2004 through 2008. Bank failures in 2011 continued at a high rate of 92. The 2012 closings decreased to 51. Closings have continued to decrease through 2016. The total 2017 closings are currently estimated at 11. The 2017 annual bank failures are extrapolated from the weeks reported and failures year-to-date.

Cost of Failed Banks 2017 The total estimated losses to the FDIC Deposit Insurance Fund for 2017 bank closures year-to-date are $1.23 billion.

Losses to the Deposit Insurance Fund (DIF) in 2017 year-to-date:
5 Guaranty Bank, Milwaukee, Wisconsin, 5-5-17, $146.4M
4 First NBC Bank, New Orleans, Louisiana, 4-28-17, $996.9M
3 Proficio Bank, Cottonwood Heights, Utah, 3-3-17, $11.0M
2 Seaway Bank and Trust Company, Chicago, Illinois, 1-27-17, $57.2M
1 Harvest Community Bank, Pennsville, New Jersey, 1-13-17, $22.3M



Failed Credit Unions

The NCUA has closed 2 credit unions in 2017:

Closed and Liquidated
2 Valley State Credit Union of Saginaw, Michigan, 3-31-17.
1 Florida Conference AME Church Federal Credit Union of Tallahassee, Florida, 3-17-17.

The NCUA has placed 3 credit unions in conservatorship in 2017:

Placed In Conservatorship
3 Community United Federal Credit Union, Waycross, Georgia,, 4-20-17
2 Shreveport Federal Credit Union, Shreveport, Louisiana, 4-13-17
1 Melrose Credit Union, Briarwood, New York, 2-10-17

A Long-Term View Of AIG Earnings

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AIG reported QE March 2017 financial results on May 3

A Long-Term View Of AIG Earnings

Summary

● Non-GAAP earnings per share of +$1.36 reverse the prior quarter loss of -$2.72 and soundly beats the analysts’ average estimate of +$1.08. Likewise, GAAP EPS returned to a positive +$1.18.

● The current QE 3-31-17 earnings rebound is likely more cyclical and a similar financial performance expected for QE 6-30-17.

● AIG has a number of corporate issues, including restructuring and hiring a new CEO. Investors await the announcement of a replacement for CEO Peter Hancock.


Read more analysis and see the financial charts at Seeking Alpha!


About AIG

American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG’s core businesses include Commercial Insurance and Consumer Insurance, as well as Other Operations. Commercial Insurance comprises two modules – Liability and Financial Lines, and Property and Special Risks. Consumer Insurance comprises four modules – Individual Retirement, Group Retirement, Life Insurance and Personal Insurance. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

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MetLife Earnings Improve, Uptrend Begins?

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MetLife reported QE March 2017 financial results on May 3

MetLife Earnings Improve, Uptrend Begins?

Summary

● Non-GAAP earnings per share of $1.41 solidly beat the analysts’ estimate of $1.27. GAAP EPS returned to a positive +$0.75, after the prior quarter disastrous loss of -$1.94.

● MET stock reached a closing high of $57.39 on December 9, 2016, has declined almost 10% subsequently, and is negative for 2017. Will this positive earnings report reverse the downtrend?

● Additional solid quarterly financial performances are needed, but a base and possibly an uptrend has been established for the stock price.


Read more analysis and see the financial charts at Seeking Alpha!


About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities, employee benefits and asset management, serving approximately 100 million customers and more than 90 of the top one hundred FORTUNE 500® companies. Through its subsidiaries and affiliates, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

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MetLife Earnings Preview: A Tale Of Two Companies

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MetLife reports QE March 2017 financial results on May 3

MetLife Earnings Review: A Tale of Two Companies

Summary

● Another average financial performance of $1.27 Non-GAAP earnings per share is expected by MetLife for the quarter ended March 2017. GAAP financial performance has been volatile and created investor uncertainty.

● MET stock reached a closing high of $57.39 on December 9, 2016, has declined almost 10% subsequently, and is negative for 2017.

● CEO Steven Kandarian continues as Chairman and CEO after his mandatory retirement was waived by the Board of Directors in 2016.


Read more and see the charts at Seeking Alpha!


About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities, employee benefits and asset management, serving approximately 100 million customers and more than 90 of the top one hundred FORTUNE 500® companies. Through its subsidiaries and affiliates, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

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U.S. Bancorp Earnings Review: Exceptional, Not Typical

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US Bancorp reported QE March 2017 financial results on April 19

US Bancorp Earnings Review: Exceptional, Not Typical

Summary

● U.S. Bancorp reported $0.82 earnings per share, beating analysts’ estimates by $0.02 with an excellent 7.9% EPS increase year over year.

● Earnings performance continues at exceptional levels as outgoing CEO Richard Davis has posted quarter after quarter of maximizing shareholder wealth.

● Andrew Cecere begins his tenure as CEO with this new quarter ending June 2017.


Read more and see the charts at Seeking Alpha!


About US Bancorp

Minneapolis-based U.S. Bancorp (NYSE: USB), with $446 billion in assets as of December 31, 2016, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,106 banking offices in 25 states and 4,842 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

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US Bancorp Earnings Preview: Diminishing Returns

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US Bancorp reports QE March 2017 financial results on April 19

US Bancorp Earnings Preview: Diminishing Returns

Summary

● US Bancorp has posted solid quarterly financial position and performance since the 2008 - 2009 financial crisis.

● Andrew Cecere, President and Chief Operating Officer, succeeds Richard Davis as Chief Executive Officer on Tuesday, April 18 at the annual shareholders’ meeting.

● The financial statements show a conservative, traditional banking approach, which has been called “cautious, plain vanilla banking.

Read more and see charts at Seeking Alpha!


About US Bancorp

Minneapolis-based U.S. Bancorp (NYSE: USB), with $446 billion in assets as of December 31, 2016, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,106 banking offices in 25 states and 4,842 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

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