As the largest bank in the Midwestern United States, it is considered systemically important by the Financial Stability Board.

The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions.

Since inception dozens of regional mergers and acquisitions throughout the Upper Midwest and Western United States led to the creation of modern U.S. Bancorp.

[6] U.S. Bancorp sponsors a variety of cultural events, transportation hubs, and sporting venues, including U.S. Bank Stadium.

[17] In December 1986, U.S. Bancorp of Oregon announced the pending acquisition of the Forest Grove, Oregon-based Valley National Corporation (not to be confused with the Phoenix, Arizona, company of the same name) with its five-branch Valley National Bank of Forest Grove subsidiary for $13.7 million (~$32.3 million in 2023) in stock.

John Elorriaga retired as chairman of the board and chief executive officer in November 1987 and was replaced by Roger L. Breezley while Jensen continued as president.

[41] In November 1991, Edmund P. Jensen was given the post of chief operating officer in addition to his duties as president, making him a possible successor to Breezley.

[42] In February 1992, U.S. Bancorp of Oregon announced the pending acquisition of the 20 branch offices in Northern California and 29 branch offices in Nevada for $70 million (~$137 million in 2023) that were being divested by Bankamerica Corporation as a result of Bank of America's impending acquisition of Security Pacific Corporation.

[56] As a result of the regulatory ruling, U.S. Bancorp sold 25 branch offices in Oregon, four in central Washington and one in Idaho to First Hawaiian Bank for $38 million in cash.

[73][74] In October 1998, the U.S. Justice Department agreed to allow the acquisition to proceed on the condition that one of the Northwest National Bank branch offices was to be sold.

John Grundhofer had handed over the position of president to Heasley while still retaining the titles of chairman and chief executive officer.

Heasley resigned the following year to join Bank One as the head of their First USA credit card unit[89] around the same time Firstar was about to takeover U.S. Bancorp.

[101] Under the merger agreement, Jerry Grundhofer, president and chief executive officer of Firstar, would continue in those positions in the combined company while his older brother, John Grundhofer, chairman, president and chief executive officer of U.S. Bancorp, would serve as chairman of the board in the combined company until his planned retirement on December 31, 2002.

To allow the merger to proceed, the U.S. Department of Justice required Firstar to sell 11 branch offices in the Minneapolis-area and 2 in Council Bluffs, Iowa.

Jerry Grundhofer had handed over the position of president to Davis while still retaining the titles of chairman and chief executive officer.

[130][131][132] After Grundhofer retirement in December 2007, Davis added the position of chairman to his other titles of president and chief executive officer.

[135] On November 14, 2008, the U.S. Treasury invested $6,599,000,000 (~$9.17 billion in 2023) in preferred stock and warrants in the company via the Emergency Economic Stabilization Act of 2008.

In April 2009, U.S. Bancorp acquired the assets and deposits of the failed Ketchum, Idaho-based First Bank of Idaho in a transaction facilitated by the FDIC.

On June 17, 2009, the company redeemed the $6.6 billion of preferred stock and on July 15, 2009, it completed the purchase of a warrant held by the U.S. Treasury Department.

[144][145] On October 20, 2009, the company completed a transaction to purchase the failed FBOP Corporation's nine subsidiary banks from the FDIC for an undisclosed amount.

[146] In October 2009, BB&T Corporation (now Truist Financial) announced the pending sale of its Nevada banking operations to U.S. Bancorp for an undisclosed amount.

The transaction moved a nominal amount between accounts at BNY Mellon and U.S. Bancorp in three seconds, inaugurating the first new payment clearance and settlement system for the US in over 40 years.

[165] In February 2018, the bank was charged by the Department of Justice with failing to implement measures preventing illegal activities, including one case of abetting.

[166] U.S. Bancorp agreed to pay $613 million in fines and implement measures to improve the monitoring of its customer transactions.

[166] In September 2018, $505 million was distributed to customers of an illegal payday loan business whose suspicious activities US Bancorp had failed to report.

On Christmas Eve, Eugenio ran out of gasoline and cash, and he was stranded at a gas station when his U.S. Bank debit card was rejected because funds he had deposited two days earlier had not yet been released into his account.

After an unsuccessful attempt to release the funds, James met Eugenio at the gas station during her break and offered him $20 from her own pocket as a Christmas Eve act of kindness.

She was fired from her job for violating company policy, but rehired after an investigation prompted by an article from Nicolas Kristof was published in The New York Times.

[172] In May 2020, the US Bancorp Center in downtown Minneapolis was damaged by rioting during the George Floyd protests in Minneapolis–Saint Paul.

[179] In August 2023, Mitsubishi UFG Financial Group Inc, former parent company of MUFG Union Bank it sold 8 months earlier to U.S. Bancorp, announced it would be buying a $936 million stake in U.S.