Firstar Corporation

Firstar Corporation was a Milwaukee, Wisconsin-based regional bank holding company that later became U.S. Bancorp, a nationwide bank corporation in the United States. In 2001, Firstar acquired U.S. Bancorp and assumed its name, moving its headquarters to Minneapolis.

Firstar Corporation
Firstar Bank
Formerly
  • Wisconsin Bankshares Corporation (1929–1960)
  • First Wisconsin Bankshares Corporation (1960–1974)
  • First Wisconsin Corporation (1974–1988)
Typepublic
NYSE: FRS
IndustryBanking
FateChanged name to U.S. Bancorp after acquiring U.S. Bancorp
SuccessorU.S. Bancorp
Founded1853 (1853) in Milwaukee, Wisconsin as Farmer's and Millers Bank
DefunctFebruary 27, 2001 (2001-02-27)
HeadquartersMilwaukee, Wisconsin
Area served
Wisconsin, Illinois, Minnesota, Arizona, Iowa, Ohio, Indiana, Kentucky, Tennessee, Missouri, Illinois, Kansas, Arkansas
Key people
Websitearchived official website

History

Firstar was founded in 1853 in Milwaukee, Wisconsin, as Farmer's and Millers Bank. It became First Wisconsin National Bank in 1919 as a result of internal evolution as well as mergers.[1]

First Wisconsin Corporation
US Bank Center, formerly First Wisconsin Center

In 1929, a bank holding company named Wisconsin Bankshares Corporation was created to be the owner for First Wisconsin National Bank and for acquiring other banks.[2][3] 31 years later, the holding company was renamed First Wisconsin Bankshares Corporation in 1960.[4] In 1974, the name of holding company was changed again to First Wisconsin Corporation and finally to Firstar Corporation in 1988.[5][6][7] Some of the subsidiary banks did not adopt its parent's new corporate name until as late as 1992 when the First Wisconsin brand was finally retired.[8][9][10]

First Wisconsin constructed a new 42 stories tall headquarters building in Milwaukee that was called the First Wisconsin Center and is the tallest building in Wisconsin. This building was opened in 1973.[11]

Unusual for a small regional bank, First Wisconsin was active during the 1970s and 1980s in lending money to companies in South America to assist those companies in the purchase of American products. Because of First Wisconsin's involvement in the international loan market, First Wisconsin became involved in the Latin American debt crisis and lost some money when some of their clients defaulted.[12]

In January 1987, Roger Fitzsimonds replaced Gary B. Rafn as president and chief operating officer of First Wisconsin Corp.[13]

In February 1991, Roger Fitzsimonds replaced John Hendee Jr. as chairman and chief executive officer of Firstar Corp.[14]

Expansion in Wisconsin

In February 1989, Firstar announced the pending acquisition of the Elkhorn-based Elkhorn Bankshares Corporation for an undisclosed amount.[15]

In September 1991, Firstar announced the pending acquisition of the Wauwatosa-based Federated Bank for $33 million in cash and stock.[16]

In February 1994, Firstar announced the pending acquisition of the Franksville-based First Southeast Banking Corporation with its First Southeast Bank subsidiary for $55.4 million in stock.[17]

Expansion in Illinois

First Wisconsin made its first expansion move outside the state of Wisconsin in September 1986 by announcing the pending acquisition of Glen Ellyn-based Du Page Bancshares Inc. with its Du Page Bank & Trust Co. subsidiary for $18.2 million in stock.[18][19]

In October 1986, First Wisconsin announced the pending acquisition of the Naperville-based Naper Financial Corporation with its two subsidiary banks for $43 million in cash.[20][21]

In March 1987, First Wisconsin announced the pending acquisition of the Northbrook-based North Shore Bancorp Inc. with its Bank of the North Shore subsidiary for $6.16 million.[22]

In August 1992, Firstar announced the pending acquisition of the Deerfield-based DSB Corporation with its Deerfield State Bank subsidiary for an undisclosed amount.[23] The acquisition was completed in February 1993.[24]

In August 1994, Firstar announced the pending acquisition of the Chicago-based First Colonial Bankshares Corporation for $314 million in stock.[25] At the time of the announcement, First Colonial was the parent of 17 community banks with a total of 30 locations. The acquisition was completed in February 1995.[26]

In August 1994, Firstar announced the pending acquisition of the Moline-based First Moline Financial Corporation with its First Federal Savings Bank subsidiary for $9.8 million in stock.[27] The acquisition was completed in April 1995.[28]

Expansion in Minnesota

First Wisconsin entered the state of Minnesota for the first time by announcing in March 1987 the pending acquisition of the St. Louis Park-based Shelard Bancshares for $25 million in cash.[29] At the time of the announcement, Shelard Bancshares was the parent of two banks with five locations.

In May 1988, First Wisconsin announced the pending acquisition of the Bloomington-based Metropolitan Bank Group for an undisclosed amount.[30] At the time of the announcement, Metropolitan was the parent of six banks. The acquisition was completed in November 1988.[31]

In July 1988, First Wisconsin announced the pending acquisition of the St. Anthony-based St. Anthony Bancorp. with its St. Anthony National Bank subsidiary for an undisclosed amount.[32]

In September 1988, First Wisconsin announced the pending acquisition of the Stillwater-based Stillwater Holding Company with its two bank subsidiaries for an undisclosed amount.[33]

In January 1990, Firstar announced the pending acquisition of the St. Louis Park-based First Western Bank with five branch offices for an undisclosed amount.[34]

In August 1994, Firstar announced the pending acquisition of Wayzata-based Investors Bank Corporation with its Investors Savings Bank subsidiary for $106 million in stock.[35] The acquisition was completed in April 1995.[36]

In January 1996, Firstar announced the pending acquisition of Saint Paul-based American Bancorporation for $220 million in stock and cash.[37] The acquisition was completed in July 1996.[38]

Expansion in Arizona

In February 1989, Firstar announced the pending acquisition of Phoenix-based Metro Bancorp with its two branch office Metropolitan Bank subsidiary for an undisclosed amount.[39]

Expansion in Iowa

In August 1990, Firstar announced the pending acquisition of Des Moines-based Banks of Iowa with its 12 subsidiary banks for $200 million in stock.[40][41][42] The acquisition was completed in April 1991.[43]

In July 1995, Firstar announced the pending acquisition of Dubuque-based Harvest Financial Corporation with its Harvest Savings Bank subsidiary for $32.7 million in stock.[44] The acquisition was completed in January 1996 for $35.9 million in stock.[45]

Star Banc Corporation

By the end of 1997, some stock market analysts speculated that Firstar was a prime takeover candidate based upon the performance of its stock in recent months and in view of the recent acquisition of First of America by National City and rumors of Banc One was in the process of acquiring First Chicago NBD.[46]

In July 1998, Cincinnati, Ohio-based Star Banc Corporation (formerly First National Cincinnati Corporation), parent of Star Bank, announced the pending acquisition of Firstar Corporation for $7.3 billion in stock.[47][48][49] At the time of the announcement, Firstar had banking offices in Wisconsin, Illinois, Minnesota, Arizona, Iowa, Ohio, and Missouri while Star Banc had banking offices in Ohio, Indiana, Kentucky, and Tennessee. Under the merger agreement, former Firstar board members would have 14 out of 32 directors seats on the board of the new corporation and could help control the direction of the new combined company.[48] It was decided that the new combined company would be based in Milwaukee and that the new company would use the Firstar name and have its stock traded on the New York Stock Exchange under the symbol FRS. It was also announced that Star Chairman and Chief Executive Jerry Grundhofer would become president and chief executive while Firstar Chairman and Chief Executive Roger Fitzsimonds would become chairman. The merger was completed in November 1998.[50]

Expansion in Missouri

Just five months later the newly combined Firstar announced in May 1999 the pending acquisition of St. Louis-based Mercantile Bancorporation for $10.6 billion in stock.[51][52] The acquisition was completed in September 1999.[53] After the merger, Jerry Grundhofer remained as president and chief executive officer of Firstar.[52] Thomas H. Jacobsen, Mercantile's chief executive became cairman of Firstar.[52]

Expansion in Tennessee

In July 2000, First Union announced that they were leaving the state of Tennessee and were selling their 41 branch offices there to Firstar for an disclosed amount.[54][55] Firstar had previously entered Tennessee by inheriting existing branch offices from Star Banc.

U.S. Bancorp

In October 2000, Firstar announced the pending acquisition of U.S. Bancorp of Minneapolis, Minnesota for $21 Billion in stock.[56][57] Firstar completed its buyout of U.S. Bancorp on February 27, 2001 and changed its name to U.S. Bancorp.[58] Under the merger agreement, Jerry Grundhofer, president and chief executive officer of Firstar, would continue in those positions in the combined company while his older brother, John Grundhofer, chairman, president and chief executive officer of U.S. Bancorp, would serve as chairman of the board in the combined company until his planned retirement on December 31, 2002.[57][59] The new combined company would be based in Minneapolis and that the new company would use the U.S. Bancorp name.[58]

To allow the merger to proceed, the U.S. Department of Justice required Firstar to sell 11 branch offices in the Minneapolis-area and 2 in Council Bluffs, Iowa.[60][61] Bremer Bank of Saint Paul, Minnesota purchased the 11 Minneapolis-area Firstar offices[62][63] while Liberty Bank of West Des Moines, Iowa purchased the 2 Council Bluffs offices.[64][65]

See also

References
  1. "1st Wisconsin 80 Years Old". Milwaukee Journal. Milwaukee Wisconsin. May 2, 1933. Retrieved February 18, 2013 – via Wisconsin Historical Society.
  2. "Plan Wisconsin Bank Stock Co". The Wall Street Journal. September 26, 1929. p. 19. First Wisconsin National Bank group is working on plans for a holding company which may have $300,000,000 or more of assets. Alternate Link via ProQuest.
  3. "Kasten Heads New Corp". The Wall Street Journal. December 13, 1929. p. 15. Walter Kasten, president First Wisconsin National Bank, was chosen first president of new Wisconsin Bankshares Corp., organized with assets of $271,000,000. Alternate Link via ProQuest.
  4. "Name Changed". Los Angeles Times. January 14, 1960. p. C5. Stockholders of Wisconsin Bankshares Corp. have approved a change in name to First Wisconsin Bankshares Corp. Alternate Link via ProQuest.
  5. "First Wisconsin To Change Its Name". Chicago Tribune. October 21, 1988.
  6. "Business Briefing". St. Paul Pioneer Press. October 21, 1988. p. 8D. Firstar Corp. is the new name proposed for Milwaukee-based First Wisconsin Corp., which owns five banks in Minnesota and is acquiring four others. The company said the name change would better represent its expanded market. It plans to add Firstar as a preface to the names of its Minnesota banks. A special shareholders meeting will be held Dec. 20 to vote on the name change.
  7. "Wisconsin Bank Problems Are Few". St. Paul Pioneer Press. February 17, 1989. p. 1D. Record earnings were reported at First Wisconsin, which has changed its name to Firstar Corp.
  8. "First Wisconsin-Racine changing name". Racine Journal Times. September 13, 1992.
  9. "18 Wisconsin Banks to Get Name Change". St. Paul Pioneer Press. May 12, 1992. p. 3B. Firstar Corp. will combine its operations under the same name by changing its 18 First Wisconsin banks to Firstar banks, executives of the Milwaukee-based banking company said Monday. The change taking place this fall ends 73 years of operations under the First Wisconsin name. Executives said the modification was designed to show that Firstar Corp. is banking company with businesses in six states... The company's operations in Iowa, Minnesota, Illinois, Arizona and Florida already do business under the name Firstar. The name change, another step in a five-year expansion process for the company formerly called First Wisconsin Corp., follows name changes at other banks that have expanded into multistate operations.
  10. Martin, Chuck (May 11, 1992). "Firstar Corp. to drop First Wisconsin name". Milwaukee Journal Sentinel. p. 7. Firstar Corp. plans to bring all its operations under the same name by changing its 18 First Wisconsin banks to Firstar banks, executives of the Milwaukee-based banking company said Monday. The change, to end 73 years of operations under the First Wisconsin name, is to take effect this fall. The change means that First Wisconsin National Bank of Milwaukee will be known as Firstar Bank Milwaukee. First Wisconsin National Bank of Madison will be known as Firstar Bank Madison, and so on. In all, bank offices at 92 locations will have name changes. Included in the change will be the First Wisconsin Center in Milwaukee, Wisconsin's tallest building. Though Firstar no longer owns the 42-story office tower, the company's contract gives it control of the name, which will be changed to Firstar Center... The company's operations in Iowa, Minnesota, Illinois, Arizona and Florida already do business under the name Firstar. The name change is another step in a five-year expansion process for Firstar, formerly called First Wisconsin Corp.
  11. Jaques, Damien (October 2, 1973). "Bank center a city set down on 6 acres". The Milwaukee Journal. p. 1. Retrieved December 12, 2010 – via GoogleNews.
  12. Gilpin, Kenneth N. (April 12, 1984). "Latin Debt at A Smaller Bank". The New York Times.
  13. "First Wisconsin Corp". The Wall Street Journal. January 23, 1987. p. 1. Roger Fitzsimonds, 48 years old, was named president and chief operating officer of this bank holding company. Mr. Fitzsimonds, who had been president and chief operating officer of First Wisconsin National Bank of Milwaukee, a unit, succeeds Gary B. Rafn. Mr. Rafn, 54, and John H. Hendee Jr., 61-year-old chairman and chief executive officer of the Milwaukee bank, were named to the newly created positions of vice chairmen of the parent. Alternate Link via ProQuest.
  14. "Firstar chairman named". Chicago Tribune. January 23, 1991.
  15. "Business Briefing". St. Paul Pioneer Press. February 18, 1989. p. 7C. Firstar Corp., formerly First Wisconsin, the Milwaukee-based financial institution that has become the Twin Cities area's fourth-largest banking group, said it agreed to acquire Elkhorn Bankshares Corp., a one-bank holding company based in Elkhorn, Wis. Terms of the stock transaction were not disclosed.
  16. Engel, Larry (September 26, 1991). "Firstar plans to buy Federated Bank". Milwaukee Journal Sentinel. p. 1. Firstar Corp. plans to acquire Federated Bank, a $452 million savings bank with headquarters in Wauwatosa and 15 offices in southeastern Wisconsin, the two firms said Wednesday. Plans call for Federated to be merged into Firstar's lead bank, the $4.1 billion First Wisconsin National Bank of Milwaukee, in the first half of 1992. Terms of the transaction call for Firstar to acquire Federated for $20 per share in cash, Firstar stock or a combination of cash and stock. A price of $20 per share for Federated's 1,655,280 shares outstanding would make the deal worth about $33 million.
  17. Coon, Laura Sumner (February 11, 1994). "Traz to receive $55.4 million worth of stock in agreement". Racine Journal Times.
  18. "First Wisconsin Acquisition". The Wall Street Journal. September 10, 1986. p. 1. First Wisconsin Corp. said it reached a definitive pact to buy Glen Ellyn, Ill.-based Du Page Bancshares Inc. for $18.2 million in First Wisconsin stock. Alternate Link via ProQuest.
  19. "Wisconsin banking company buys Du Page Bank & Trust". Chicago Sun-Times. September 10, 1986. p. 63. Du Page Bancshares Inc., which owns Du Page Bank & Trust Co. of Glen Ellyn, has been purchased by Milwaukee's First Wisconsin Corp. for $18.2 million in stock... First Wisconsin, with assets of $6.5 billion, consists of 27 commercial banks, a trust company and 12 other specialized subsidiaries. It operates in 92 locations in Wisconsin and provides international banking services through offices in London, New York and the Cayman Islands, and representatives in Argentina, Brazil, Colombia and Venezuela.
  20. "First Wisconsin Buying 2d Illinois Bank Firm". Chicago Tribune. October 24, 1986.
  21. Behof, Kathleen (October 24, 1986). "Naper is First Wisconsin's 2nd Illinois buy". Chicago Sun-Times. p. 67. First Wisconsin Corp. said yesterday it would buy Naper Financial Corp., a small bank holding company in Du Page County, for $43 million in cash. The purchase is the second Illinois acquisition for First Wisconsin since the regional interstate legislation took effect earlier this year. First Wisconsin is the largest bank holding company in Wisconsin with $6.6 billion in assets.
  22. "1st Wisconsin Acquisition". Chicago Tribune. March 19, 1987.
  23. "Firstar expanding in Illinois". Milwaukee Journal Sentinel. August 6, 1992. p. 2. Firstar Corp. has signed a definitive agreement to acquire DSB Corp., a bank holding company in Deerfield, Ill., Firstar said Wednesday... DSB owns the Deerfield State Bank, which has offices in Deerfield and Riverwoods, and boasts about $112 million in assets. Firstar did not disclose a purchase price.
  24. "Bank bought: Firstar Corp. of Milwaukee has completed the..." Chicago Tribune. February 3, 1993.
  25. Stangenes, Sharon (August 1, 1994). "Firstar Agrees To Acquire First Colonial In $314 Million Stock Swap". Chicago Tribune.
  26. "Firstar completes acquisition". Milwaukee Journal Sentinel. February 1, 1995. p. 2. Firstar Corp. has completed its acquisition of First Colonial Bankshares Corp., a Chicago thrift with $1.8 billion in assets. First Colonial will be merged with Firstar Bank Illinois, which has $1 billion in assets. The move will make Firstar Bank Illinois the seventh-largest commercial banking institution in northern Illinois. The acquisition brings the Milwaukee holding company's total assets to $17 billion.
  27. Gallagher, Kathleen (August 27, 1994). "Firstar buying thrift". Milwaukee Journal Sentinel. p. 1D. Firstar Corp. Friday announced plans to acquire First Federal Savings Bank of Moline, Ill., in a stock transaction. The acquisition is Firstar's fourth this year... Based on Firstar's Friday closing price of $32 a share, the deal is worth $9.8 million, Firstar said.
  28. "Firstar acquires Moline bank". Arlington Heights Daily Herald. April 3, 1995. p. 1. Firstar Corp. has completed its acquisition of First Moline Financial Corp., parent of the $80 million First Federal Savings Bank of Moline... First Federal has converted to a nationally chartered commercial bank, and its name has been changed to Firstar Bank Quad Cities.
  29. Carideo, Anthony (March 27, 1987). "First Wisconsin to purchase Shelard banks for $25 million". Minneapolis Star-Tribune. p. 07B. Wisconsin's largest bank holding company Thursday announced an agreement to buy Shelard Bancshares Inc., owner of Shelard National Bank of St. Louis Park and Shelard National Bank of Eagan. The purchase by First Wisconsin Corp. for $25 million in cash would be the second such acquisition under Minnesota's new interstate banking law. Under the law, which so far applies only to banks in Minnesota and Wisconsin, the acquisition must be approved by the Minnesota Commerce Department. St. Louis Park-based Shelard Bancshares, which operates two banks with five locations, had assets of $168 million at the end of 1986.
  30. Brook, Steve (May 6, 1988). "1st Wisconsin Buys 6 Banks Metropolitan Deal Expands Firm's Twin Cities Market". St. Paul Pioneer Press. p. 11D. They made it official Thursday: First Wisconsin will buy the $200 million-asset Metropolitan Bank Group, which operates six MetroBanks in the Twin Cities. The acquisition is the largest yet in Minnesota by First Wisconsin, which is based in Milwaukee. Wisconsin's largest bank holding company began an aggressive expansion campaign in the Twin Cities area last spring when it announced it would buy Shelard Bancshares, which has banks in St. Louis Park and Eagan.
  31. "Business Briefing". St. Paul Pioneer Press. November 16, 1988. p. 8D. First Wisconsin Corp., Milwaukee, said it has completed the acquisition of Metropolitan Bank Group Inc. of Bloomington. Terms were not disclosed. Upon completion of other announced acquisitions, First Wisconsin will have nine banks in Minnesota.
  32. Brook, Steve (July 12, 1988). "First Wisconsin Buys St. Anthony". St. Paul Pioneer Press. p. 5B. First Wisconsin Corp. reached into the Twin Cities area again Monday, announcing it has agreed to buy the $85 million-asset St. Anthony National Bank for an undisclosed amount. The bank, which is owned by St. Anthony Bancorp., has its headquarters in the northeast Minneapolis suburb of St. Anthony and has a branch in Andover in Anoka County.
  33. Brook, Steve (September 16, 1988). "First Wisconsin Buys 2 More Metro Banks". St. Paul Pioneer Press. p. 11D. Continuing an explosive expansion into the Twin Cities market, First Wisconsin said Thursday it had agreed to buy two Washington County banks. First Wisconsin said it will buy Stillwater Holding Co., which owns the $116 million-asset First National Bank of Stillwater and the $40 million-asset First State Bank of Hugo. Detailed terms of the deal, which involves a stock swap for First Wisconsin shares, were not disclosed. First Wisconsin said it expects to complete the acquisition in 1989's first quarter, pending regulatory approval. First National has two Stillwater locations and a Lakeland branch. First State has a branch in Lino Lakes. When the deal is completed, First Wisconsin will have acquired nine metro banks with 26 branches and assets of $857 million, giving it the Twin Cities' fourth-largest banking presence.
  34. "Firstar Buys Twin Cities Bank//milwaukee-Based Firm Resumes Expansion In Area". St. Paul Pioneer Press. January 11, 1990. p. 2E. Ending a year of inactivity, Milwaukee-based Firstar Corp. said Wednesday it has agreed to buy the $137 million-asset First Western Bank. The St. Louis Park-based bank has branches in Bloomington, Brooklyn Center, Minnetonka and Richfield. The purchase price was not disclosed. Starting in late 1987, Firstar, formerly First Wisconsin, expanded aggressively into the Twin Cities area. But, after agreeing to buy nine banks with 26 locations and assets of about $800 million, Firstar's expansion into Minnesota fell dormant for more than a year.
  35. "Firstar to Buy Investors Bank In $106 Million Deal". The New York Times. August 23, 1994.
  36. "Firstar, Investors Bank complete merger". Business Wire (Press release). April 28, 1995 – via The Free Library.
  37. "Firstar to Acquire American Bancorporation". The New York Times. January 11, 1996.
  38. "Firstar, American Bancorporation complete merger". Business Wire (Press release). July 12, 1996 – via The Free Library.
  39. "Wisconsin company acquires Metropolitan Bank". Arizona Republic. February 2, 1989. p. 14 – via Newspapers.com. Metropolitan Bank of Phoenix has been acquired by Firstar Corp. of Wisconsin, the largest bank-holding company in that state. Terms of the transaction, which involved the purchase of Metro Bancorp Inc., the bank's parent firm, were not disclosed.
  40. "Midwest Banks Plan Merger". The New York Times. August 7, 1990.
  41. "Firstar, Banks of Iowa to Merge". Los Angeles Times. August 6, 1990.
  42. "Firstar, Banks of Iowa announce merger". United Press International. August 6, 1990.
  43. Rosenfeld, Steven P. (April 29, 1991). "State Bank's Entry Into Iowa Is Low-Key". Madison Capital Times. p. 6B. Firstar Corp. of Milwaukee completed its takeover of the largest Iowa-based bank holding company today, creating what some analysts call a $12 billion super regional bank. The acquisition of Des Moines-based Banks of Iowa in an exchange of stock valued at more than $260 million is the first big deal since a law took effect Jan. 1 allowing the purchase of Iowa banks by banks in surrounding states.
  44. Spivak, Cary (July 25, 1995). "Firstar to buy Dubuque thrift". Milwaukee Journal Sentinel. p. 2. Firstar Corp. said Monday that it had agreed to buy a thrift in Dubuque, Iowa, in a stock deal valued at about $32.7 million. The acquisition of Harvest Financial Corp., the holding company for Harvest Savings Bank, will bring Firstar's Iowa assets to about $3 billion.
  45. Bergstrom, Kathy (January 30, 1996). "Firstar Completes Harvest Buy". Dubuque Telegraph-Herald. p. A3. Harvest Savings Bank customers should see a new name on the institution within the next few weeks. Firstar Corp., of Milwaukee, Wis., completed its purchase of the thrift's holding company, Harvest Financial Corp., on Friday... the transaction has a total value of $35.9 million.
  46. "Firstar stock hits 52-week high amid merger speculation". Milwaukee Journal Sentinel. December 2, 1997. p. 1. Shares of Milwaukee-based Firstar Corp. hit another 52-week high Monday on renewed merger speculation after National City Corp. agreed to buy First of America Bank in Kalamazoo, Mich., for $7.1 billion in stock. That merger heightened speculation that Firstar would be among the next to be acquired. Firstar is believed to be vulnerable to takeover because the company's earnings for the past year have been relatively flat.
  47. Wahl, Melissa (July 2, 1998). "Star Banc, Firstar To Merge, Create Midwest Bank Powerhouse: $7.3 Billion Deal Could Prompt Further Unions". Chicago Tribune.
  48. McKinney, Jeff (July 2, 1998). "Star Banc's acquisition to cost city another HQ". Cincinnati Enquirer. But Mr. Grundhofer said he plans few firings because there is no geographical overlap between the banks, meaning no merger-related branch closings are planned... The board of directors of the new company will include 18 members from Star and 14 from Firstar.
  49. "Star Banc, Firstar merge in $7.2B deal". CNNMoney. July 1, 1998. Retrieved June 26, 2016.
  50. McKinney, Jeff (November 20, 1998). "New era dawns for former Star Banc". Cincinnati Enquirer.
  51. O'Brien, Timothy L. (May 1, 1999). "Mercantile Bancorporation, Long a Buyer, Will Be Bought". The New York Times. ISSN 0362-4331. Retrieved June 26, 2016.
  52. Wahl, Melissa (May 1, 1999). "Firstar Corp. Buys Mercantile For $10.6 Billion: Merger Forms 13th-largest Bank". Chicago Tribune.
  53. "Firstar, Mercantile merger complete". Cincinnati Business Courier. September 20, 1999.
  54. "First Union Sells Branches In Tennessee to Firstar". The New York Times. August 1, 2000.
  55. Carey, Bill (July 31, 2000). "Firstar Corp. to acquire First Union's assets here". NashvillePost.com.
  56. Atlas, Riva D. (October 5, 2000). "U.S. Bancorp to Be Acquired By Firstar for $21 Billion". The New York Times.
  57. Sanders, Edmund (October 5, 2000). "U.S. Bancorp to Be Sold to Firstar: Banking: Grundhofer brothers' $19-billion merger would create the nation's eighth-largest bank". Los Angeles Times.
  58. Ho, Yi Ping. "Firstar, U.S. Bancorp Complete Merger". TheStreet. Retrieved September 28, 2020.
  59. DePass, Dee (February 27, 2001). "USB, Firstar make it official - Many Firstar executives moving to the Minneapolis headquarters". Minneapolis Star-Tribune. p. 01D. Firstar Corp. completes its $22 billion acquisition of U.S. Bancorp today, creating the nation's eighth-largest bank and triggering a move by a number of Firstar executives from Milwaukee to Minnesota. The influx of more than a dozen top Firstar personnel is expected to take place over the next few months. The headquarters of the combined bank will be in Minneapolis and the combined firm will keep the U.S. Bancorp name. Firstar CEO Jerry Grundhofer becomes CEO of the new, $160 billion U.S. Bancorp. Grundhofer, who replaces his older brother, Jack, in the role of USB CEO, reportedly already has located property in the Twin Cities and expects to move here by the fall. Jack Grundhofer becomes chairman of the combined organization. He will retire next year... The bank will be based in Minneapolis, retain the U.S. Bancorp name and span 24 states with nearly 2,200 branches. The bank will have $107 billion in deposits and 51,000 employees. (Firstar had 23,000, USB 28,000.) The combined bank plans to cut $266 million in expenses over three years, but few layoffs are planned because there was little geographic overlap between the banks. The New CEO will be former Firstar CEO Jerry Grundhofer. Former USB CEO John Grundhofer will be the chairman and retire in 2002.
  60. "Firstar to sell 11 Minnesota branches". Milwaukee Business Journal. February 2, 2001.
  61. "Firstar to sell 2 Iowa branches". Milwaukee Business Journal. February 6, 2001.
  62. "Bremer buys Firstar branches; move clears merger path". Minneapolis/St. Paul Business Journal. January 31, 2001.
  63. DePass, Dee (February 1, 2001). "Firstar to sell 11 branches to Bremer Bank". Minneapolis Star-Tribune. p. 01D. Milwaukee-based Firstar Corp. will sell 11 of its branches to Bremer Bank in St. Paul to comply with market-share rules governing its pending purchase of U.S. Bancorp. The branches are all in the Twin Cities and represent $760 million in deposits, about one-third of Firstar's current Minnesota franchise. The combined U.S. Bancorp-Firstar will have 90 branches in the Twin Cities after the divestiture, scheduled to take place in June.
  64. "Firstar sells two Iowa branches". Cincinnati Business Journal. February 6, 2001.
  65. Shim, Grace (February 6, 2001). "Two Bluffs Bank Branches to Be Sold". Omaha World-Herald. p. 14. Two Firstar bank branches in Council Bluffs will be sold to West Des Moines, Iowa - based Liberty Bank FSB as part of the merger of Firstar Corp. and U.S. Bancorp. The Tuesday morning announcement was made within a day of Justice Department approval of the $21.2 billion merger that would create the nation's eighth largest bank, which is to carry the U.S. Bancorp name.
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