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The Minneapolis bank said Monday it has a deal to buy UMB's corporate trust business in Indiana. The move jibes with CEO Richard Davis' interest in niche acquisitions.
January 30 -
In the matter of an evening, Tennessee jumped from having no bank failures so far this crisis, to being tied with Florida so far this year.
January 27
Striking its third deal in less than a week, U.S. Bancorp announced Wednesday that is buying the institutional trust business of Union Bank.
The $340 billion-asset U.S. Bancorp said Wednesday that its banking unit, U.S. Bank, would gain roughly 4,300 client relationships and $42 billion in assets under administration through the deal with Union Bank, a unit of the $89.7 billion-asset UnionBanCal Corp. of San Francisco.
Union Bank's institutional trust business provides services to retirement plans, labor management trusts and registered investment advisors.
The sale of these business segments will allow Union Bank to "strategically reinvest capital in other areas to the long-term advantage of our clients and Union Bank," Marianne Bamonte, senior vice president and institutional services division manager of Union Bank, said in a news release.
Richard Davis, U.S. Bancorp's chairman, president and chief executive, has previously indicated that the Minneapolis company was more likely to buy bank assets rather than entire banks. He mentioned corporate trust and credit cards as
"This acquisition is a great fit for U.S. Bank and solidifies us as a leading provider of institutional trust and custody services by significantly increasing U.S. Bank's scale supporting the retirement services, labor management and registered investment advisor markets," Terrance Dolan, vice chairman of the U.S. Bank wealth management and securities services division, said in a news release.
On Monday, U.S. Bancorp said that it had
U.S. Bank expects to retain key leadership staff from Union Bank. The financial terms of this latest deal were not released.
