U.S. Bancorp (USB) Buys Bond Trustee Business from First Citizens Bank
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U.S. Bancorp (NYSE: USB) entered into a definitive agreement to purchase the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares, Inc. (NASDAQ: FCNCA) of Raleigh, N.C.
U.S. Bancorp commented, "This transaction complements the existing U.S. Bank bond trustee business in North Carolina, South Carolina and Virginia, and strengthens our competitive position as a leading national trustee for new municipal issuances."
Terms of the agreement are not being disclosed.
Upon completion of this transaction, U.S. Bank's corporate trust division will have $2.4 trillion in assets under administration, 725,000 bondholders and more than 114,000 client issuances.
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