July 11, 2014 12:55 AM ET

Banks

Company Overview of U.S. Bank National Association

Company Overview

U.S. Bank National Association provides commercial banking services for individuals, businesses, and institutions. It offers personal banking services, including checking and savings accounts, and certificates of deposits; and personal loans and credit, such as mortgage, home equity, personal line of credit, auto loans, boat loans, and RV loans. The company also provides business banking services, including savings and checking accounts; and business loans, such as business credit lines, quick loans, SBA loans, real estate loans, equipment financing, and business ownership and expansion loans. In addition, it offers investing and wealth management products and services, including retirement ...

425 Walnut Street

Cincinnati, OH 45202-3923

United States

Founded in 1863

Phone:

513-632-4234

Fax:

513-632-4967

Key Executives for U.S. Bank National Association

President
Chairman of U.S. Bancorp
Age: 56
Head of Commercial Banking for Puget Sound Region and Market President of Washington Office
President of Chicago Branch
Market President for Orange County and the Inland Empire region of California
Compensation as of Fiscal Year 2014.

U.S. Bank National Association Key Developments

U.S. Bank NA Announces Management Changes

U.S. Bank NA announced the appointment of Jason Stamm as central region president for The Private Client Reserve, which is a part of its wealth management group. Stamm succeeds Mike Ott, who was named president of The Private Client Reserve. In his new role, Stamm will be instrumental in driving growth across The Private Client Reserve's central region, which includes Chicago; Kansas City, Kan.-Mo.; Madison, Wis.; Milwaukee; Minneapolis/St. Paul; and St. Louis. He will lead a team of more than 350 investment, trust, private banking and financial planning professionals, focused on providing an array of products and services to high-net-worth clients. Stamm brings 21 years of financial services experience to his new role. He has been with BMO Private Bank and its predecessors since 1996.

Judge Rejects U.S. Bank's Motion to Dismiss U.S. CFTC Lawsuit

A federal judge on Nov. 5, 2013 rejected U.S. Bank's motion to dismiss a lawsuit that accused the bank of letting Peregrine Financial founder Russell Wasendorf Sr. secure loans against money that belonged to his brokerage's customers. In June 2013, the Commodities Futures Trading Commission filed a lawsuit against U.S. Bank N.A., a unit of U.S. Bancorp, saying the bank had a segregated account for Peregrine's customer funds but treated the account as if it were "a Peregrine commercial checking account". CFTC argued in its lawsuit that more than $325 million flowed through the segregated customer account between May 2005 and June 2012, and that Wasendorf misappropriated about $215 million of that amount. The lawsuit was the first against a bank tied to the collapse of Peregrine, which filed for bankruptcy protection in July 2012 after Wasendorf confessed to bilking his clients in a nearly 20-year-long fraud. Wasendorf began serving a 50-year sentence in February, 2013. Lawyers for U.S. Bank filed a motion to dismiss the lawsuit, saying the CFTC was trying to shift responsibility for a Ponzi scheme to the bank, even though the bank itself was a victim of the scheme. However, Judge Linda Reade rejected U.S. Bank's arguments, paving the way for the lawsuit to proceed for further hearings.

U.S. Bank Launches Automated Travel Payment Tool

U.S. Bank announced the full market launch of its Travel VirtualPay product, following a successful pilot program. The bank is the first payment provider in North America to deliver a truly integrated travel payment and reconciliation tool that replaces manual central billing of hotel charges with single-use virtual account numbers. Early adopters have praised the solution's ability to capture spend that is currently falling outside of their card programs, allowing them to greatly enhance control and efficiency. With U.S. Bank Travel VirtualPay, travel managers can identify and track a booking from the time of reservation through final settlement and audit. The tool integrates directly with their current travel supplier or agency, allowing them to easily request a virtual account for each booking and consolidating all transaction data into one location. When a supplier charges the account, an automated reconciliation process accurately matches traveler and transaction, triggering immediate payment. This process dramatically reduces paperwork, potential errors and labor costs, while seamlessly producing a transparent view of travel spend for supplier and buyer alike.

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