MINNEAPOLIS--(BUSINESS WIRE)--Jan. 30, 2012--
U.S. Bancorp (NYSE: USB) announced today that its lead bank, U.S. Bank
National Association, has entered into a definitive agreement to
purchase the Indiana corporate trust business of UMB Bank, n.a., a
subsidiary of UMB Financial Corporation (NASDAQ: UMBF).
The U.S. Bank Global Corporate Trust Services team will work closely
with the UMB Bank Indiana representatives to ensure a seamless
transition. U.S. Bank is committed to providing its new customers with
the same high level of quality services that current U.S. Bank corporate
trust customers have come to expect.
Terms of the agreement are not being disclosed. The transaction is
expected to close on March 2, 2012.
U.S. Bank Global Corporate Trust Services is one of the largest
providers of trustee services with more than $4 trillion in assets under
administration in municipal, corporate, asset-backed and international
bonds and more than 500,000 bondholders and 100,000 client issues. The
division provides a wide range of trust and agency services such as
municipal and corporate bond trustee, calculation/paying agent,
collateral administration and document custody through its network of 48
U.S.-based offices, an Argentinian office and its European locations in
London and Dublin.
U.S. Bancorp, with $340 billion in assets as of Dec. 31, 2011, is the
parent company of U.S. Bank, the fifth-largest commercial bank in the
United States. The company operates 3,085 banking offices in 25 states
and 5,053 ATMs, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products to
consumers, businesses and institutions. U.S. Bancorp and its employees
are dedicated to improving the communities they serve, for which the
company earned the 2011 Spirit of America Award, the highest honor
bestowed on a company by United Way. 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. Continued 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 negatively 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. Finally, there can be no assurance that we will realize the
anticipated benefits of the acquisition of the Indiana corporate trust
business of UMB Bank.
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, 2010, 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. Bancorp
Thomas Joyce, 612-303-0783
Judith Murphy, 612-303-3167