Small Business Owners Rank U.S. Bank #1 in American City/City Business Journals Brand Survey

MINNEAPOLIS - City Business Journals Network recently ranked U.S. Bank the number one bank brand based on results of a nationwide survey of small business owners fielded November 2009 through January 2010.

According to the authors, the SMB Insights 2010 Brand Study demonstrated that small business owners seek brands or companies that value them as a customer; they believe tough times reveal who the solid brands really are and when making purchases for the company; and they consider brand name, quality and service well before price of the product.

“A key learning of the annual City Business Journals Network Brand Study was the significantly growing position of U.S. Bank in the minds of small- and mid-sized business owners,” said Godfrey Phillips at City Business Journals Network. “Perceptions of U.S. Bank increased, at a time when many other banks lost ground. U.S. Bank scored as the leading bank in the study, surpassing regional and national banks alike.”

U.S. Bank improved across all attributes measured in the study, including the key attributes of relevance (“for growing companies,” “easy to do business with”) and differentiation (“is forward thinking-has a vision”). The company also saw substantial gains in brand momentum (“is growing in popularity”) as well. More small business owners are now familiar with U.S. Bank – increasing from 32 percent in 2009 to 42 percent in 2010.

Small business has long been a focus for U.S. Bank. The company is consistently a top Small Business Administration (SBA) lender and advocate for small businesses.

“When the economy took a turn in 2008, we knew that the next 12 to 18 months were going to be very difficult for some of our business customers,” said Rick Hartnack, vice chairman at U.S. Bancorp and head of consumer banking at U.S. Bank. “Our guiding principle was that we were not going to make decisions in the short-term that we would regret two years later. Our small business bankers worked closely with their customers to understand their stress points and what it would take to get them through. We didn’t back away when the going got tough, and as a result we’re seeing a significant increase in loyalty and new business.”