U.S. Bank to Acquire the U.S. Municipal Bond Trustee Business from Deutsche
MINNEAPOLIS -- March 18, 2013
U.S. Bancorp (NYSE: USB) announced today 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
“This transaction complements the existing U.S. Bank municipal bond trustee
business and will further strengthen our position as the #1 provider of
municipal trustee and agency services in the nation,” states Bryan Calder,
president, U.S. Bank Global Corporate Trust Services. “This acquisition is
consistent with U.S. Bank’s ongoing commitment to continued strategic business
investments and its commitment to corporate trust services.”
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.
“The U.S. Bank team will work closely with Deutsche Bank to ensure a seamless
transition and is committed to providing our new customers with the same high
level of quality services our current U.S. Bank corporate trust customers have
come to expect,” states Terry McRoberts, executive vice president, U.S. Bank
Global Corporate Trust Services.
Satvinder Singh, Deutsche Bank Head of Trust & Securities Services and Cash
Management for Financial Institutions said, “Our main goal with this
transaction was to find a partner that will continue to deliver the highest
quality services to our municipal trust clients, enabling us to sharpen our
focus on our existing award winning global trust business. We feel we have
achieved our objective with our partner, U.S. Bank, with whom Deutsche Bank
has an excellent existing working relationship.”
About U.S. Bank Global Corporate Trust Services
U.S. Bank Global Corporate Trust Services is one of the premier providers of
corporate trust services in the nation, serving private and public companies,
government and tax-exempt entities, and financial services companies. The
group operates a network of 48 domestic offices and three international
locations in Buenos Aires, Argentina; London, England; and Dublin, Ireland.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $354 billion in assets as of December 31, 2012,
is the parent company of U.S. Bank, the 5th largest commercial bank in the
United States. The Company operates 3,084 banking offices in 25 states and
5,065 ATMs and provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
Judith Murphy, Investor Relations
Thomas Joyce, Public Relations
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