MINNEAPOLIS--(BUSINESS WIRE)--Nov. 10, 2006--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
municipal bond trustee business of LaSalle Bank National Association,
the United States subsidiary of ABN AMRO Bank N.V. (NYSE:ABN). As a
result of this transaction, U.S. Bank Corporate Trust Services will
acquire approximately 2,875 new client issuances and assets under
administration of $30 billion represented by principal outstanding.
Diane Thormodsgard, president of U.S. Bank Corporate Trust and
Institutional Trust & Custody, commented, "This acquisition
complements U.S. Bank's existing corporate trust business in Michigan
and throughout Illinois and will strengthen the U.S. Bank position as
the number one trustee for new tax-exempt debt issuances in the
nation. The U.S. Bank team will work with LaSalle Bank personnel to
ensure continued quality service and a seamless transition for the
Upon completion of this transaction, U.S. Bank's corporate trust
division will have $2.5 trillion in assets under administration,
725,000 bondholders and more than 95,500 client issuances. This
transaction enhances U.S. Bank's corporate trust presence in the
Daniel Reisner, president of U.S. Bank's Chicago region, said,
"This investment is indicative of U.S. Bank's commitment to the city
of Chicago and state of Illinois. We continue to grow in this market,
winning over individuals as well as companies both large and small, by
focusing on providing outstanding customer service and the latest in
With U.S. Bank's history of successful mergers, the company is
committed to ensuring a smooth 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
This transaction clearly affirms U.S. Bank as a leader in the
corporate trust industry - the largest trustee in the area of
tax-exempt debt and asset-backed and mortgage-backed securities.
U.S. Bank currently has 45 corporate trust offices across the
country and offers a complete line of trust services. U.S. Bank serves
as trustee and paying agent for the issuance of taxable and
non-taxable securities, including the review of documents and
indentures, registration, and authentication of bonds, receipts and
disbursement of bond sale proceeds, successor trusteeships, escrow
account services and transfer and paying agency services. Also, U.S.
Bank provides mortgage-backed and asset-backed securitizations, money
market paying agency services, bond and tax administration and
document custody services.
U.S. Bancorp, with assets of $217 billion, is the 6th largest
financial holding company in the United States. The company operates
2,462 banking offices and 4,943 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 is the parent company of U.S. Bank. 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. Statements
that are not historical or current facts, including statements about
beliefs and expectations, are forward-looking statements. These
statements often include the words "may," "could," "would," "should,"
"believes," "expects," "anticipates," "estimates," "intends," "plans,"
"targets," "potentially," "probably," "projects," "outlook" or similar
expressions. These forward-looking statements cover, among other
things, anticipated future revenue and expenses and the future
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, including changes
in general business and economic conditions, changes in interest
rates, 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, and effects of critical accounting policies and
judgments. 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, 2005, on
file with the SEC, for example the sections entitled "Risk Factors"
and "Corporate Risk Profile." 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.
CONTACT: U.S. Bank Media Relations
Steve Dale, 612-303-0784
U.S. Bank Investor Relations
Judith Murphy, 612-303-0783
SOURCE: U.S. Bancorp