U.S. Bancorp's U.S. Bank National Association to Acquire U.S. Municipal Bond Trustee Business

Monday, 18 Mar 2013 11:10am EDT 

U.S. Bancorp announced that its lead bank, U.S. Bank National Association, has entered into a definitive agreement to purchase the municipal bond trustee business of Deutsche Bank. Expected to close in the third quarter of 2013, the transaction will add approximately $57 billion to the more than $3 trillion in assets currently under administration within U.S. Bank`s corporate trust division. U.S. Bank has approximately 125,000 trust and agency contracts. The Deutsche Bank transaction will add another 1,100 contracts. Terms of the agreement are not being disclosed. This transaction will build upon key U.S. municipalities and regions of U.S. Bank`s global corporate trust business including California, Mississippi, New York, Tennessee and Texas. 

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