MINNEAPOLIS--(BUSINESS WIRE)--Apr. 14, 2014--
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 document custodian business of Ally Bank.
U.S. Bank, through its Global Corporate Trust Services division,
currently operates a national network of document custody locations and
vault sites. As a document custodian, U.S. Bank stores and safeguards a
wide array of collateral loan files, including commercial and
residential mortgages, equipment leases, home equity and improvement
loans and vehicle loans and leases.
The acquisition of Ally’s document custodian business, which is expected
to close early in the second quarter of 2014, will add up to 40
employees to U.S. Bank, one new service location in Waterloo, Iowa and
increase documents under custody by 15 percent.
“This transaction is the most recent in a string of investments U.S.
Bank has made in our growing corporate trust services business,” said
Bryan Calder, president of U.S. Bank Global Corporate Trust Services.
“This acquisition provides us with an additional growth opportunity and
is consistent with our position as a leading provider of third-party
custodian services nationwide.”
U.S. Bank has a long history and strong presence in Iowa. The bank
operates 99 branches in the state today and employs more than 1,250
people across multiple business lines.
“We are happy to have this opportunity to retain jobs in the Waterloo
area and show our continued dedication to the community and to helping
support the local job market,” said Dan Watters, community banking
division head for U.S. Bank in Iowa.
About U.S. Bank Global Corporate Trust Services
U.S. Bank Global Corporate Trust Services is one of the premier
providers of corporate trust services in the nation, serving private and
public companies, government and tax-exempt entities, and financial
services companies. The group operates a network of 49 domestic offices
and three international locations in Buenos Aires, Argentina; London,
England; and Dublin, Ireland.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $364 billion in assets as of Dec. 31,
2013, is the parent company of U.S. Bank National Association, the 5th
largest commercial bank in the United States. The company operates 3,081
banking offices in 25 states and 4,906 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.
Source: U.S. Bank
U.S. Bank Public Relations
Teri Charest, 612-303-0732