If you were to survey the field to name major banks, we’re guessing that U.S. Bancorp (USB) wouldn’t top too many lists. Instead, the likes of JPMorgan (JPM), Wells Fargo (WFC), Bank of America (BAC) or Citigroup (C) would probably come to mind. Yet with $361 billion in assets, the Minneapolis-based U.S. Bank holding company comes in as the fifth largest commercial bank in the U.S.
It operates over 3,000 banking offices with nearly 5,000 ATMs in 25 states – providing banking, brokerage, insurance, investment and payment services to consumers, businesses and institutions.
If you were to ask Warren Buffett (Trades, Portfolio) what his favorite bank was, Wells Fargo – making up over $20 billion of Berkshire Hathaway (BRK.A)’s investment portfolio – would likely be named. Yet what’s not readily apparent is that his second favorite bank might very well be USB. Buffett’s Berkshire Hathaway currently owns 96 million shares or just over 5% of the entire business – a number that’s been climbing since 2006.
— Guru Focus