Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
U.S. Bancorp is the parent of U.S. Bank, the country's fifth-largest commercial bank by assets, with $701 billion on the balance sheet at the end of Q1 2026, $399.8 billion in loans, and $528.2 billion in deposits. The franchise is built on three legs: 1. Consumer & Business Banking. A deposit-gathering branch network across roughly 26 states (concentrated in the Midwest and West), residential mortgage origination and servicing, credit cards, auto loans, and small-business lending. 2. Wealth, Corporate, Commercial and Institutional Banking. Middle-market and large-corporate lending, commercial real estate, treasury management, capital markets (debt underwriting, derivatives, M&A advisory after the pending BTIG deal), trust and custody, and private wealth. 3. Payment Services.
Recent filings analysed: 10-Q (2026-08-06), FWP (2026-07-20), FWP (2026-07-20), 8-K (2026-06-24).
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