U.S. Bank Makes a Pair of Acquisitions
Minneapolis-based U.S. Bancorp recently announced two acquisitions made by its U.S. Bank National Association subsidiary.
The company on Friday said that U.S. Bank acquired Knoxville, Tennessee-based BankEast, which was recently closed by regulators. U.S. Bank acquired BankEast from the Federal Deposit Insurance Corporation, which was named receiver of the failed Tennessee bank. U.S. Bank will receive roughly $272 million in assets and assume $268 million of insured and uninsured deposits from BankEast.
U.S. Bank already has a strong presence in the Knoxville area, where it employs about 1,100 people and operates a customer service center for its merchant processing subsidiary, Elavon. BankEast's 10 branches will be re-branded as U.S. Bank branches in the near future, boosting U.S. Bank's total branch count in Tennessee to 91.
U.S. Bank on Monday announced a second acquisition: The bank has agreed to buy the Indianapolis-based corporate trust business of UMB Bank. Terms of the transaction, which is expected to close March 2, were not disclosed.
The acquisition will enhance U.S. Bank's global corporate trust services business, which currently has more than $4 trillion in assets under administration in municipal, corporate, asset-backed, and international bonds.
U.S. Bancorp is Minnesota's largest bank-holding company based on assets, which totaled $316 billion as of June 30.