MINNEAPOLIS & GREAT FALLS, Mont.--(BUSINESS WIRE)--Feb. 6,
2007--U.S. Bancorp (NYSE:USB) today announced that it has completed
the acquisition of United Financial Corp., the parent company of
Heritage Bank. United Financial Corp., which was headquartered in
Great Falls, Montana, had consolidated assets of approximately $411
million and $307 million in deposits as of Dec. 31, 2006.
This transaction is expected to strengthen U.S. Bank's franchise
in Montana, both by enhancing its existing market presence in certain
regions of Montana and expanding into new regions of Montana. U.S.
Bank has a history of successful fill-in market acquisitions of this
type and management views the integration related to this acquisition
as low risk. U.S. Bank and Heritage Bank have similar community
banking models that will help ensure a smooth transition.
"In upcoming months, Heritage Bank branches will eventually take
on the U.S. Bank name, but customers will continue to be served by the
same familiar Heritage Bank employees they've come to know and trust,"
said John R. Elmore, executive vice president of community banking for
U.S. Bank. "We will be communicating directly with our new customers
as we introduce U.S. Bank products and expanded services to Heritage
United Financial Corp. is a bank holding company headquartered in
Great Falls, Montana, with operations in 12 Montana communities.
United was organized as a Minnesota corporation in 1996. United's
banking business in Montana is conducted through its wholly owned
subsidiary, Heritage Bank, a Montana corporation established in 1923.
U.S. Bancorp, with $219 billion in assets, is the 6th largest
commercial bank in the United States. The company operates 2,472
banking offices and 4,841 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 usbank.com.
CONTACT: U.S. Bancorp
Jennifer Wendt (media), 612-303-0731
Judith T. Murphy (analysts), 612-303-0783
SOURCE: U.S. Bancorp