U.S. Bancorp third-largest mortgage lending originator

U.S. Bancorp beat banking giants Bank of America and Citigroup in the first quarter of the year. Wells Fargo and JPMorgan Chase continue to dominate the unrivaled market share.
Author:
Updated:
Original:

U.S. Bancorp beat banking giants Bank of America and Citigroup in the first quarter of the year. Wells Fargo and JPMorgan Chase continue to dominate the unrivaled market share.

Next Up

Related

U.S. Bancorp's 2Q profit jumps 18 percent

Minneapolis-based U.S. Bancorp reported high-than-expected quarterly profit as revenue rose and set aside less money for bad loans. The fifth-largest U.S. commercial bank posted a net income of $1.42 billion in the second-quarter.

U.S. Bancorp revenue surges 39 percent

The Minneapolis-based bank beat Wall Street expectations posting a $1.35 billion profit in the fourth quarter. U.S. Bank also posted record earnings of $4.87 billion for the year. The company reports lending activity increased more than 16 percent.

U.S. Bancorp 3Q profit grows 16 percent to break another record

U.S. Bancorp, parent company of U.S. Bank, posted a record net income of $1.47 billion, a 16 percent jump from $1.27 billion a year-earlier, Bloomberg reports. “Earnings included continued strong mortgage-banking activity, which contributed to our growth in fee income, residential real estate loans and loans held for sale,” said CEO Richard Davis.

Minnesota eligible for $280 million from national mortgage settlement

The deal stems from a long-running investigation into poor foreclosure practices among the country's largest mortgage lenders. Five banks, including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, agreed to pay about $26 billion to reimburse American homeowners. This is the biggest government-industry settlement since the 1998 multi-state tobacco industry deal.

U.S. Bank ending student loan biz

College students looking for private loans have fewer options. Minnesota Daily reports after nearly 40 years in the student-loan business, Minneapolis-based U.S. Bancorp is going to pull out of the student loan market. A company spokesperson said U.S. Bank was a "very small player" with less than 1.5 percent of the student-lending market share. JPMorgan Chase has also decided to only lend student loans to existing customers.

U.S. Bancorp, SolarCity to fund $250 million in solar projects

Minnesota-based U.S. Bancorp, parent company of U.S. Bank, and California-based SolarCity announced Wednesday their sixth and largest renewable energy tax equity fund since the two companies partnered three years ago. It will finance up to $250 million in residential solar power and commercial solar power projects for homeowners, businesses, schools, and government buildings.