U.S. Bancorp Posts Record Profits

U.S. Bancorp said Monday it posted record second-quarter profits of $70 million, or 68 cents a share, following the announcement of merger plans with West One Bancorp.

Earnings for the quarter ending June 30 rose 36 percent from $51 million, or 49 cents per share, for the same period in 1994, when the bank began to streamline operations and trim staff.

“We’ve learned how to run leaner,” said U.S. Bancorp chairman Gerry Cameron. “We’re poised to take advantage of the dramatic changes occurring in the financial services industry.”

The Portland-based bank holding company, parent of the largest regional bank based in the Pacific Northwest, announced in May it planned to merge with Boise-based West One.

U.S. Bancorp predicts its $21 billion in assets will increase to about $30 billion after the merger is completed in the fourth quarter.