Firstar Investments and Insurance Take U.S. Bancorp Name; Becomes First Name Change Since the Companies Merged in February 2001.
MINNEAPOLIS--(BUSINESS WIRE)--Dec. 12, 2001
Firstar Investment Services and Firstar Insurance Services are now U.S. Bancorp Investments and U.S. Bancorp Insurance Services. These are the first business lines to make the name change from Firstar to U.S. Bancorp since the merger of the two financial institutions in February 2001. Operating as independent, wholly-owned subsidiaries of U.S. Bancorp (NYSE:USB), these two divisions are working to build the best bank-based retail brokerage and insurance operation in America.
"U.S. Bancorp Investments and Insurance has the capacity, capability, resources and expertise to deliver the investment and insurance products and services our customers want," says Steven Short, head of U.S. Bancorp Investments and Insurance. "The recent marriage of brokerage and insurance will further enhance our ability to meet all of the customer's needs in a single point of contact."
The name change, which took effect on Dec. 1, means while customers may bank at a Firstar branch, they will now complete investment and insurance transactions with U.S. Bancorp Investments or U.S. Bancorp Insurance Services.
Throughout this transition, customers will continue to receive outstanding service from the same people they have come to know and trust over the years. Account numbers will remain the same for all customers. U.S. Bancorp Investments customers will continue to receive their same brokerage statement and can access their brokerage accounts online.
U.S. Bancorp Investments has experienced double-digit sales growth in 2001 in spite of unstable market and economic conditions. U.S. Bancorp Investments is on track to sell almost $2 billion in annuity and mutual fund products by year-end. These results are in addition to the strong sales of investment products such as stocks, bonds and options. U.S. Bancorp Investments, coupled with U.S. Bancorp Insurance, is a significant contributor to the company's bottom line.
"These results reflect a strong partnership that exists within U.S. Bank's consumer banking division," Short said. "For example, through this partnership, U.S. Bank recently scheduled more than 29,000 customer appointments in a one-day call blitz called `Catch A Calling Star,' which is a testament to the business opportunities that we can make together."
U.S. Bancorp Investments provides full-service, professional financial solutions inside U.S. Bank and Firstar branches. Currently, almost 400 dedicated financial consultants and 1,500 financial specialists are available to discuss customers' goals, assess their current financial situations and determine their comfort with risk in order to provide customized financial plans to suit their needs. U.S. Bancorp will continue to grow this business as it hires more financial consultants in the western states.
In addition to its vast array of investment services, U.S. Bancorp Insurance Services has a full line of insurance products and services to meet the needs of individuals and businesses. U.S. Bancorp Insurance Services offers access to a team of professionals who are dedicated to building, preserving and transferring the wealth of our customers.
Minneapolis-based U.S. Bancorp, with assets in excess of $168 billion, is the 8th largest financial services holding company in the United States. The company operates 2,186 banking offices and 4,937 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the web at usbank.com and Firstar Bank at firstar.com.