Bancorp Picks Up $18.4B In Assets

11-03-2009 | Source: Total Securitization - Click here to take out a FREE Trial

U.S. Bancorp acquired $18.4 billion in assets from nine banks held by FBOP, an Illinois group that regulators seized Friday, Bloomberg reports. U.S. Bancorp, which has been buying distressed assets all year, will add to its stable of banks Los Angeles-based California National Bank, the largest property owned FBOP by assets, as well as other institutions in California, Arizona, Illinois, and Texas. All nine banks will be rebranded U.S. Bank in the near future. Rick Hartnack, vice chairman of consumer banking at U.S. Bancorp, said the latest transactions are "consistent with the growth strategy" it has outlined in the past, which includes expansion through "low-risk, in-market acquisitions."

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