After announcing two other acquisitions during the past week, the Minneapolis-based bank said it will also buy the institutional trust business of California-based Union Bank.
Banking + Finance
St. Paul Mayor Chris Coleman says a proposal for a Minneapolis Vikings stadium that involves funding for Target Center renovations is "unbalanced" and "inequitable."
U.S. Bank acquired BankEast, a Tennessee-based bank that was shuttered last week by regulators; it also announced plans to purchase the Indianapolis-based corporate trust business of UMB Bank.
Twin Cities Business' Quarterly Economic Indicator survey found that, compared to the previous quarter, more Minnesota businesses expect to hire, invest in infrastructure, and raise prices during the first quarter of 2012.
It might be in venture capital—for companies with strong ideas, large markets, and clear exit strategies.
Data backup and storage provider Code 42 Software, Inc., has secured $52.5 million in venture funding, which it plans to use to accelerate product development.
The appeal follows two previous appeals to lower courts, both of which were unsuccessful.
The company has set up offices in Mumbai and Delhi, from which its advisors will offer services to "upwardly mobile Indian consumers."
The local company will be sold by Minneapolis-based private equity firm Goldner Hawn Johnson & Morrison to Pittsburgh-based RTI International Metals.
The combined firm, which will be called EB Wipfli, LLP, is expected to have more than $314 million in revenue and serve more than 70,000 clients.
The two new mutual funds-one of which is currently available for investment and another that's set to launch sometime this quarter-mark the hedge fund managers' first products available to individual investors.
A U.S. Bancorp unit bought credit card assets from FIA Card Services, N.A., a subsidiary of Bank of America.
The Eden Prairie-based bank reportedly accused former CEO Tim Owens of bilking the company out of nearly $15 million in personal loans, while Owens claims that the company encouraged him to borrow money to buy its shares and that he was wrongfully terminated.
Federal regulators are seeking to block Minneapolis-based Graco's $650 million acquisition of Illinois Tool Works' finishing business, but Graco intends to defend the deal in court.
A new clawback lawsuit is seeking more than $27,000 in funds that were allegedly transferred to Michele Bachmann and her political committees between 2005 and 2008 by Frank Vennes, who faces securities fraud charges related to Tom Petters' Ponzi scheme.
A federal jury in Minneapolis reportedly awarded $16 million to 26 banks that had loaned funds to a businessman behind famous "boy bands," like the Backstreet Boys and 'N Sync, who is now serving time for his role in a Ponzi scheme.
The two companies received the necessary shareholder approval and antitrust clearance to proceed with the deal, and the post-merger company will have 2011 sales in excess of $11 billion.
Minnetonka-based UnitedHealth Group-which reportedly serves 7 million Medicare recipients-will add another 113,000 members with the purchase of Baltimore-based Medicare insurer XLHealth Corporation.