MINNEAPOLIS & LOS ANGELES--(BUSINESS WIRE)--June 2, 2008--U.S.
Bancorp (NYSE:USB) today announced that its lead bank, U.S. Bank
National Association, has completed the previously announced
acquisition of Mellon 1st Business Bank in California. Mellon 1st
Business Bank was a wholly-owned subsidiary of The Bank of New York
Mellon Corporation (NYSE: BK). As a result of this transaction, U.S.
Bank acquired $2.9 billion in assets, $1.1 billion in loans and $2.7
billion in deposits. Terms of the cash transaction agreement were not
disclosed.
"We welcome our new customers to U.S. Bank, and know that they
will appreciate the expanded convenience and product suite that U.S.
Bank has to offer in southern California. We are also happy to add
many talented employees from the former Mellon 1st Business Bank, who
are welcome additions to U.S. Bank's southern California team," said
Joseph Otting, U.S. Bancorp vice chairman in charge of commercial
banking. "This acquisition complements U.S. Bank's current middle
market lending efforts in southern California and more than doubles
our deposit share in the Los Angeles market."
U.S. Bank has 336 locations in California, including 139 branches
in the southern California counties of Los Angeles, Orange, Riverside,
San Bernardino, San Diego and Ventura. U.S. Bank has 820 branches and
$30 billion in deposits in the western states of California, Oregon,
Washington, Arizona and Nevada. U.S. Bank is a leading bank in Oregon
and Washington and has shown tremendous growth in California in the
last five years, nearly doubling its number of branches and increasing
deposits by more than 44 percent. Also, U.S. Bank has grown in Arizona
from only five branches five years ago to nearly 60 today.
U.S. Bancorp, with $242 billion in assets, is the parent company
of U.S. Bank, the 6th largest commercial bank in the United States.
The company operates 2,522 banking offices and 4,844 ATMs, and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web
at www.usbank.com.
CONTACT: U.S. Bancorp
Steve Dale (media), 612-303-0784
Judith Murphy (analysts), 612-303-0783
SOURCE: U.S. Bancorp
