US Bancorp: Key Developments
U.S. Bancorp Sells $500 Million In Five Year Notes-Reuters
November 17, 2009 |
| Reuters reported that U.S. Bancorp sold $500 million of medium term notes. Barclays and USB were the joint bookrunning managers for the sale. |
OfficeMax Incorporated Partners With U.S. Bancorp's U.S. Bank
November 9, 2009 |
| OfficeMax Incorporated announced that it has entered into a strategic alliance and partnership with U.S. Bank, lead bank for U.S. Bancorp to issue a new OfficeMax Visa Signature and Visa Rewards credit card. |
U.S. Bancorp Acquires FBOP Corporation's Banking Subsidiaries Through an FDIC Facilitated Transaction
October 31, 2009 |
| U.S. Bancorp announced that, effective immediately, its U.S. Bank National Association, has acquired the banking subsidiaries of FBOP Corporation of Oak Park, Illinois, from the Federal Deposit Insurance Corporation. This transaction includes nine different banks with more than $18 billion in total assets and 150 branches in California, Illinois, Arizona and Texas. The nine banks that are part of this acquisition are: BankUSA, N.A.; California National Bank; Citizens National Bank; Madisonville State Bank; North Houston Bank; Pacific National Bank; Park National Bank; San Diego National Bank; and Community Bank of Lemont. Under the terms of these transactions, U.S. Bank will receive approximately $18.4 billion of assets and assume approximately $18.3 billion of liabilities, including $15.4 billion of both insured and uninsured deposits, of the nine different banks that are part of FBOP. The nine banks involved in this transaction will continue to operate under their current names and will be re-branded as U.S. Bank branches in the near future. As a result of this transaction, deposits of all nine banks are now backed by the financial strength and security of U.S. Bank. |
U.S. Bancorp Looking At FBOP Corp-Reuters
October 21, 2009 |
| Reuters reported that U.S. Bancorp is eyeing FBOP Corp, an owner of eight banks that may be put up for sale by the Federal Deposit Insurance Corp (FDIC), the Wall Street Journal reported, citing people familiar with the situation. U.S. Bancorp has been conducting due diligence on FBOP, which has about $18 billion in assets and 150 branches, the Journal reported. |
U.S. Bancorp Expands In Nevada Through Acquisition Of Banking Operations From BB&T Corp.
October 14, 2009 |
| U.S. Bancorp and BB&T Corp. announced the signing of a definitive agreement for U.S. Bank National Association, U.S. Bancorp`s lead bank, to purchase approximately $800 million in deposits and certain branch locations of BB&T`s Nevada banking operations. This acquisition includes the deposits of branches located in the Las Vegas Paradise market, Reno Sparks market and the Northern Nevada markets of Carson City. Terms of the transaction were not disclosed. |
U.S. Bancorp Announces To Acquire The Bond Trustee Business From First Citizens BancShares, Inc.'s First Citizens Bank
October 7, 2009 |
| U.S. Bancorp announced that its lead bank, U.S. Bank National Association, has entered into a definitive agreement to purchase the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares, Inc. Terms of the agreement are not being disclosed. Upon completion of this transaction, U.S. Bank`s corporate trust division will have $2.4 trillion in assets under administration, 725,000 bondholders and more than 114,000 client issuances. |
U.S. Bancorp's U.S. Bancorp Fund Services Makes Acquisition
October 5, 2009 |
| U.S. Bancorp Fund Services, a wholly owned subsidiary of U.S. Bancorp, announced its acquisition of the mutual fund administration and accounting servicing division of Fiduciary Management, Inc. Fiduciary Management will continue to operate its investment management business with more than $6 billion in assets under management. Financial terms of the transaction were not disclosed. |
U.S. Bancorp's Elavon Acquires Diners Club Merchant Portfolio From Citibank
September 28, 2009 |
| Elavon, a wholly owned subsidiary of U.S. Bancorp has acquired Citibank`s Diners Club Card merchant-location portfolio in Western Europe, representing more than 75,000 merchants. A further agreement signed with Diners Club International Ltd., a business unit of Discover, will add Diners Club card acceptance to Elavon`s portfolio of payment processing services. Elavon will perform processing, funding and customer support for merchants that accept Diners Club International cards in the UK, Ireland, France, Benelux, Switzerland and Germany. Merchants will have the option to consolidate their payments acceptance by utilizing Elavon as a single-source provider for other credit and debit card transactions, eliminating the need for merchants to maintain separate processing relationships. |
U.S. Bancorp's Elavon And Santander Announce New Alliance Relationship To Supply Merchant Services In UK
September 21, 2009 |
| Elavon and Santander announced the launch of a new alliance for merchant services in the UK. This alliance combines Elavon, a wholly owned subsidiary of U.S. Bancorp and Santander, one of the capitalized banks in the world. The new alliance will enable Santander to leverage Elavon`s end-to-end control of the processing relationship; from risk and underwriting, to processing, funding and all customer support functions. |
U.S. Bancorp Announces Quarterly Dividends
September 15, 2009 |
| U.S. Bancorp announced that it has declared a quarterly dividend of $0.05 per common share, payable October 15, 2009, to shareholders of record at the close of business on September 30, 2009. At this quarterly dividend rate, the annual dividend is equivalent to $0.20 per common share. The Company has also declared a regular quarterly dividend of $223.61 per share (equivalent to $0.22361 per depositary share) on U.S. Bancorp's Series B Non-Cumulative Perpetual Preferred Stock, payable October 15, 2009, to stockholders of record at the close of business on September 30, 2009. Additionally, the Company declared a regular quarterly dividend of $503.13 per share (equivalent to $0.50313 per depositary share) on U.S. Bancorp's Series D Non-Cumulative Perpetual Preferred Stock, payable October 15, 2009, to stockholders of record at the close of business on September 30, 2009. |
The South Financial Group, Inc. Announces Sale of Merchant Processing Portfolio To U.S. Bancorp's Elavon
September 14, 2009 |
| The South Financial Group, Inc. announced that it has completed the sale of three ancillary businesses, which generated approximately $16 million in Tier 1 common capital through the gains realized and the elimination of related intangible assets. The businesses sold include; Carolina First Bank's merchant processing portfolio (completed September 11, 2009); Koss Olinger, a financial planning group (completed September 1, 2009); and American Pensions, Inc., a retirement plan administrator (completed July 1, 2009). The company sold the merchant processing portfolio of its subsidiary bank to Elavon, a wholly owned subsidiary of U.S. Bancorp and a global payments provider, and entered into a marketing alliance with Elavon for new merchant services referrals. Under this agreement, Elavon will provide flexible payment processing solutions for the company's new and existing merchant customers in the Carolinas and Florida. |
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