U.S. Bank – a division of U.S. Bancorp (USB) – announced that it has invested $75,000 in Innovate North State – a regional organization – for 3 years to develop the manufacturing sector in Northern California. This venture made U.S. Bank the Founders’ Circle Investor in the organization.
U.S. Bank will be the leading sponsor of the first Manufacturing RePatriation Summit, which will take place in the first quarter of 2013. Along with endorsing the fineness in manufacturing found in California, primarily in the north state, the summit will seek to discover countless prospects related to the in-sourcing of manufacturing in the present economic condition.
Further, the bank will be the frontrunner in the manufacturing and consumer products special industry group at Innovate North State.
Management believes that the company’s dedication to invest in the manufacturing division, along with its supporting businesses, will result in greater job creation and commercial success, which are the primary factors in resurrecting the sluggish economic environment.
The district manager at U.S. Bank, Robert Staton, will be a member of the Board of Directors of Innovate North State, whereas Valerie Lee, business relationship manager at U.S. Bank, will be the alternate director.
Management at U.S. Bank is thrilled to be a part of the development in innovation and growth in Northern California. They believe that the region has been positively impacted by manufacturing, growth and technological advancements, taking place in the nation. They also anticipate the venture to provide a chance to make use of the development promote the resources, innovators and entrepreneurs of South California.
Moreover, management is delighted to utilize the bank’s capital and skill for the development of Northern California’s economy by creating more jobs in the manufacturing sector. Management also sincerely believes that North State has the potential to be the most economically-competitive non-metropolitan area in the U.S. in the future.
Innovate North State was established in 2012 to aid Southern California’s most pioneering companies having the largest growth potential to gain a greater share in the national and global markets. It focuses on five major industry sectors: sustainable agriculture and food, manufacturing and consumer products, clean tech and environmental, web, mobile and IT, healthcare and medical technology.
With the policy of “connecting to compete,” Innovate North State’s approach involves assisting path-breaking companies unite with each other as well as to locate important resources from outside the region.
Innovate North State considers the investment to be a remarkable honor to have one of the nation’s leading banking institutions come on board as a Founders Circle Investor and make such a significant long-term commitment.
We expect this investment to help augment the pace of economic recovery in Northern California.
U.S. Bancorp currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. However, considering the fundamentals, we maintain our long-term Neutral recommendation on the stock. Wells Fargo & Company (WFC) – one of the peers of U.S. Bancorp – also retains a Zacks #2 Rank.
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