MINNEAPOLIS, Jan 04, 2011 (BUSINESS WIRE) --
U.S. Bancorp (NYSE: USB) announced today that its lead bank, U.S. Bank
National Association, has completed the acquisition of the domestic and
European-based securitization trust administration businesses of Bank of
America, N.A. The transaction closed on December 30, 2010.
The completion of this transaction establishes U.S. Bank as a leader in
the U.S. structured finance trust business and complements U.S. Bank's
current market position in the U.S. corporate and municipal trust
business. The transaction also establishes a presence in Europe with
offices in Ireland and London, England, providing U.S. Bank Corporate
Trust Services with an opportunity to expand its distribution and
product offerings abroad.
Under the terms of the agreement, U.S. Bank Corporate Trust Services
acquired approximately 2,153 active securitization and related
transactions, more than 2.4 million residential mortgage files and
84,000 commercial files, and $1.1 trillion in assets under
administration. Additionally, the transaction provided U.S. Bank with
approximately $8 billion of related deposits at close.
After conversion, which is currently expected to be completed by the end
of the third quarter of 2011, the acquired U.S. and European trust
businesses will operate under the U.S. Bank trade name. U.S. Bank has
successfully completed 18 corporate trust acquisitions over the past 20
years and the Company is committed to ensuring a smooth transition for
its new customers.
U.S. Bank now has 50 corporate trust offices across the country and
offers a complete line of trust services. U.S. Bank provides trustee,
calculation agent and custodial services for mortgage-backed,
asset-backed and CDO securitizations. U.S. Bank also serves as trustee
and paying agent for the issuance of taxable and non-taxable securities,
money market paying agent services and escrow services. U.S. Bank
Corporate Trust Services is one of the highest ranked trustees in the
areas of tax-exempt debt and new corporate bond issuances.
U.S. Bancorp, with $291 billion in assets as of Sept. 30, 2010, is the
parent company of U.S. Bank, the fifth largest commercial bank in the
United States. The company operates 3,013 banking offices in 24 states
and 5,323 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.
The following information appears in accordance with the Private
Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements about U.S.
Bancorp. Statements that are not historical or current facts, including
statements about beliefs and expectations, are forward-looking
statements and are based on the information available to, and
assumptions and estimates made by, management as of the date made. These
forward-looking statements cover, among other things, anticipated future
revenue and expenses and the future plans and prospects of U.S. Bancorp.
Forward-looking statements involve inherent risks and uncertainties, and
important factors could cause actual results to differ materially from
those anticipated. Global and domestic economies could fail to recover
from the recent economic downturn or could experience another severe
contraction, which could adversely affect U.S. Bancorp's revenues and
the values of its assets and liabilities. Global financial markets could
experience a recurrence of significant turbulence, which could reduce
the availability of funding to certain financial institutions and lead
to a tightening of credit, a reduction of business activity, and
increased market volatility. Stress in the commercial real estate
markets, as well as a delay or failure of recovery in the residential
real estate markets, could cause additional credit losses and
deterioration in asset values. In addition, U.S. Bancorp's business and
financial performance is likely to be impacted by effects of recently
enacted and future legislation and regulation. U.S. Bancorp's results
could also be adversely affected by continued deterioration in general
business and economic conditions; changes in interest rates;
deterioration in the credit quality of its loan portfolios or in the
value of the collateral securing those loans; deterioration in the value
of securities held in its investment securities portfolio; legal and
regulatory developments; increased competition from both banks and
non-banks; changes in customer behavior and preferences; effects of
mergers and acquisitions and related integration; effects of critical
accounting policies and judgments; and management's ability to
effectively manage credit risk, residual value risk, market risk,
operational risk, interest rate risk and liquidity risk.
For discussion of these and other risks that may cause actual results to
differ from expectations, refer to U.S. Bancorp's Annual Report on Form
10-K for the year ended December 31, 2009, on file with the Securities
and Exchange Commission, including the sections entitled "Risk Factors"
and "Corporate Risk Profile" contained in Exhibit 13, and all subsequent
filings with the Securities and Exchange Commission under Sections
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934.
Forward-looking statements speak only as of the date they are made, and
U.S. Bancorp undertakes no obligation to update them in light of new
information or future events.
SOURCE: U.S. Bank
Steve Dale, Media Relations, 612-303-0784
Judith T. Murphy, Investor Relations, 612-303-0783