現在的美國合眾銀行是經過一系列合併發展而來的，開始於1999年在俄亥俄，Firstar公司（前First Wisconsin國際銀行）與Cincinnati的Star銀行（前第一國際Cincinnati）的合併。 Five months later, Firstar acquired Mercantile Bancorporation of St. Louis, Missouri. The final major acquisition was Firstar's buyout of U.S. Bancorp, headquartered in Minneapolis, Minnesota. That buyout was completed on February 27, 2001. Firstar changed its name to U.S. Bancorp at that time.
The original U.S. Bancorp was the successor of the United States National Bank of Portland, which was founded in Portland, Oregon in 1891 and changed its name to the United States National Bank of Oregon in 1964. That corporation was acquired in 1997 by First Bank System, Inc., which had its headquarters in Minneapolis, Minnesota. With that acquisition, First Bank System changed its name to U.S. Bancorp. First Bank System was the successor of a bank holding company formed in 1929 by several banks in the Upper Midwest, most notably the First National Bank of Minneapolis and the First National Bank of St. Paul, both of which had been founded in 1864.
In early June 1999, Minnesota Attorney General Mike Hatch filed a lawsuit against Minneapolis-based U.S. Bancorp, alleging that the bank illegally released private customer information to a telemarketer.
Several other banks were acquired by U.S Bancorp's legacy companies. Other banks that were bought by Firstar include Banks of Iowa, Federated Bank, First Colonial Bankshares Corporation, and Investors Bank. Banks bought by Mercantile Bancorporation include Mark Twain Bancshares, Firstbank of Illinois, Hawkeye Bancorporation, and Ameribanc. Star Bank Corporation bought Great Financial Bank, and US Bancorp bought West One Bancorp and WestStar Bank