U.S. Bank to Acquire Document Custodian Business from Ally Bank
MINNEAPOLIS -- April 14, 2014
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
document custodian business of Ally Bank.
U.S. Bank, through its Global Corporate Trust Services division, currently
operates a national network of document custody locations and vault sites. As
a document custodian, U.S. Bank stores and safeguards a wide array of
collateral loan files, including commercial and residential mortgages,
equipment leases, home equity and improvement loans and vehicle loans and
The acquisition of Ally’s document custodian business, which is expected to
close early in the second quarter of 2014, will add up to 40 employees to U.S.
Bank, one new service location in Waterloo, Iowa and increase documents under
custody by 15 percent.
“This transaction is the most recent in a string of investments U.S. Bank has
made in our growing corporate trust services business,” said Bryan Calder,
president of U.S. Bank Global Corporate Trust Services. “This acquisition
provides us with an additional growth opportunity and is consistent with our
position as a leading provider of third-party custodian services nationwide.”
U.S. Bank has a long history and strong presence in Iowa. The bank operates 99
branches in the state today and employs more than 1,250 people across multiple
“We are happy to have this opportunity to retain jobs in the Waterloo area and
show our continued dedication to the community and to helping support the
local job market,” said Dan Watters, community banking division head for U.S.
Bank in Iowa.
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 49 domestic offices and three international
locations in Buenos Aires, Argentina; London, England; and Dublin, Ireland.
About U.S. Bank
U.S. Bancorp (NYSE: USB), with $364 billion in assets as of Dec. 31, 2013, is
the parent company of U.S. Bank National Association, the 5th largest
commercial bank in the United States. The company operates 3,081 banking
offices in 25 states and 4,906 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 www.usbank.com.
U.S. Bank Public Relations
Teri Charest, 612-303-0732
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