U.S. Bancorp (NYSE:USB) said Friday that it has agreed to buy a Bank of New York Mellon Corp. subsidiary for an undisclosed amount, CNN.com reports.
U.S. Bancorp's U.S. Bank National Association will acquire Mellon 1st Business Bank of California, which includes $3.4 billion in assets, $1.1 billion in loans and $2.7 billion in deposits.
The deal is targeted to close by the end of the second quarter, with the bank's operations expected to be folded into U.S. Bancorp's portfolio by the end of the fourth quarter.
U.S. Bancorp also named Joseph M. Otting as senior officer of its West Coast operations. Otting, 50, currently serves as vice chairman of the commercial banking group and will continue to be responsible for the division.
U.S. Bancorp has $238 billion in assets and is the parent company of the nation's sixth largest commercial bank, U.S. Bank.
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