U.S. Bancorp Acquired Banking Subsidiaries
Effective immediately, U.S. Bancorp announced today that U.S. Bank National Association, its lead bank, has acquired banking subsidiaries of Oak Park, Illinois’ FBOP Corporation from FDIC. The U.S. Bancorp Banking Subsidiaries Acquisition includes $18 billion assets from nine different banks.
U.S. Bancorp will receive about $18.4 billion assets and assume $18.3 billion liabilities including $15.4 billion insured and uninsured deposits of nine different banks of FBOP.
The banks in the transaction continue to operate under their existing names and in the near future, they will be re-branded as branches of U.S. Bancorp. Therefore, customers should continue with their banking practices since the deposits of these banks are now backed up by great security and financial strength.
According to U.S. Bancorp’s vice chairman for consumer banking Rick Hartnack, “This transaction adds a new scale to our current key markets. Also, we are viewing this acquisition as efficiently leveraging the strong capital base of the U.S. Bank as we expand our opportunities and invest in our company to bring great services and products to a large, new customer base.”
U.S. Bancorp will also implement mortgage loan modification programs (FDIC approved or others) on certain residential mortgages that are assumed under a loss share agreement. Allowing borrowers to remain in their homes, increasing the probability of performance, and improving affordability are some of the programs’ objectives.
Prior to this development, U.S. Bancorp already had 127 branch offices in Illinois, 75 branch offices in Arizona, and 570 branches in California. The nine banks are Community Bank of Lemont; San Diego National Bank; Park National Bank; Pacific National Bank; North Houston Bank; Madisonville State Bank; Citizens National Bank; California National Bank; and BankUSA, N.A.
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