March 02, 2015 6:25 PM 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, Chief Executive Officer of U.S. Bancorp and President of U.S. Bancorp
Age: 56
President of Chicago Branch
Market President for Orange County and the Inland Empire region of California
Regional President of Portland & Southwest Washington
Age: 55
Compensation as of Fiscal Year 2014.

U.S. Bank National Association Key Developments

U.S. Bank National Association Appoints Amy Hurd as Head of In-Store and On-Site Banking Division

U.S. Bank National Association announced that Amy Hurd has been appointed as head of its in-store and on-site banking division, succeeding Chuck Stroup who is retiring in the spring of 2015. At the U.S. Bank, Hurd most recently was regional manager for its in-store division, having worked her way up from branch and district.

U.S. Bank NA to Pay $6 Million to Settle Lawsuit over Role as RMBS Trustee

U.S. Bank NA agreed to a $6 million settlement to resolve investors' claims that the bank failed to perform its duties as a trustee for certain residential mortgage-backed securities sold by Bear Stearns before the 2008 financial crisis. In 2011, the Oklahoma Police Pension and Retirement System filed a lawsuit against the bank as trustee under various pooling and servicing agreements. The complaint asserted claims for alleged breaches of contract, and alleged violations of the Trust Indenture Act against U.S. Bank as trustee of two RMBS trusts. Various amended and/or corrected complaints were subsequently filed in the action, bringing the total number of RMBS trusts in the suit to 14. In August 2013, the court dismissed all claims with respect to nine of the 14 RMBS trusts. The parties in the complaint have now reached an agreement in principle to settle the action with respect to the five remaining RMBS trusts, according to a stipulation of settlement filed Dec. 17 in the U.S. District Court for the Southern District of New York.

NCUA Files Lawsuit Against U.S. Bank National Association and the Bank of America National Association

The NCUA announced that it is suing U.S. Bank National Association and the Bank of America National Association. The lawsuit, filed in federal court, said the defendants failed to perform the threshold duties of taking full possession of the original notes and mortgages and properly reviewing the mortgage loan files for irregularities. If the defendants had fulfilled their obligations, a significant percentage of the mortgage loans in the trusts would have been repurchased or substituted. Between 2004 and 2007, corporate credit unions including U.S. Central, WesCorp, Members United, Southwest and Constitution bought about $5.8 billion in residential mortgage-backed securities issued from the trusts, which eventually lost value and contributed to the failure of all five corporates.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 20, 2015
U.S. Bank National Association, Figueroa Courtyard
Merger/Acquisition
November 6, 2014
Holiday Inn Albany on Wolf Road
Merger/Acquisition
October 31, 2014
27,888 Square Foot Office Building at 824 U.S. Highway 1, North Palm Beach
 

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