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U.S. Bank acquisitions boosting fee revenue

December 11, 2005

Minneapolis/St.Paul Business Journal: U.S. Bancorp's recent $720 million purchase of Wachovia Corp.'s corporate trust and institutional custody businesses caps a busy year of acquisitions for the Minneapolis bank. And there's been a reason for the buying frenzy: fees. Since merging with Milwaukee-based Firstar Corp. in 2001, U.S. Bancorp has focused on acquisitions that both play to the bank's strengths and generate fee income. Fees have increased the bank's non-interest revenue from about 30 percent of total revenue in 2001 to about 46 percent in the third quarter of 2005.

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