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One year after welcoming Union Bank customers, U.S. Bank invests to create economic opportunities across the country

One year ago this month, U.S. Bank welcomed Union Bank customers and employees and committed to powering their potential while converting hundreds of Union Bank branches to U.S. Bank systems and branding. U.S. Bank has a long history of being a good community partner, and the increased scale in Union Bank markets in California, Oregon and Washington provided an opportunity and responsibility for the bank to expand this work on the West Coast and across the country. Over the past year, U.S. Bank has focused on creating economic opportunities in support of small businesses, aspiring homeowners, community development initiatives and philanthropy for the most underserved.

“We take the commitments we made during the acquisition seriously, and we’ve made great progress on our community benefits plan that focuses on our customers and communities,” said Andy Cecere, chairman and chief executive officer of U.S. Bancorp. “Those priorities remain steadfast as we continuously invest in programs and solutions that give more people and communities opportunities to thrive.” 

In 2023, U.S Bank invested $28 billion in its customers, employees and communities nationally, which includes $10.9 billion invested in California. The investments include a variety of initiatives driven by business lines and functions across the bank.

Small business

• Launched an enhanced special purpose credit program (SPCP), the Business Diversity Lending Program, which provides credit and financing to help economically disadvantaged businesses grow and thrive.
• Enhanced the U.S. Bank Business Advisor (BAA) program, including hiring Spanish-speaking advisors to serve Hispanic communities.

Homeownership

• Launched U.S. Bank Access Home Loan, a mortgage SPCP that helps advance homeownership among underserved communities, including in six cities in California. 
• Graduated the first cohort of new-to-industry mortgage loan officers serving underserved communities.

Community development lending and investments

• Conducted extensive outreach for the U.S. Bank Affordable Housing SPCP, which provides lending capital to minority-led or -owned developers who expand access to affordable housing for LMI communities, as well as investment capital.
• Awarded new grants to nonprofit organizations that are collaborating with developers, including developers of color, to help them build capacity and capabilities. 

Philanthropy and other investments

• Deployed funds to the U.S. Bank Foundation* to support the creation of the U.S. Bank Foundation Opportunity Fund, a five-year, $75 million charitable fund designed to address wealth gaps and increase wealth-building opportunities for LMI communities, including communities of color and rural communities. 
• Supported six student branches in California, including five in high schools and one at a community college.

“Our U.S. Bank team has come together to make an impact in the communities we serve today and for years to come, and we’re excited to continue working to drive positive, transformative change,” said Reba Dominski, senior executive vice president and chief social responsibility officer at U.S. Bank and president of the U.S. Bank Foundation. 

* U.S. Bank Foundation is a tax-exempt private foundation described in section 501(c)(3) of the Internal Revenue Code. The Foundation is funded primarily through contributions from U.S. Bank National Association and its affiliates and subsidiaries. The Foundation’s mission is to close the gaps between people and possibility in the areas of work, home, and play.