US Bancorp (NYSE:USB) has announced that it will purchase certain branch locations in Nevada of BB&T Corporation. The purchase is valued at $850 million. The acquisition will include the deposits of branches in the Las Vegas-Paradise market, Reno-Sparks market, and the North Nevada markets of Carson City, Fallon, and Gardenrville Ranchos. The branches were previously acquired by BB&T from the Federal Deposit Insurance Corporation (FDIC) as receiver for Colonial Bank.
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As of September 30, 0209, US Bancorp has $265 billion in assets. It is the parent company of US Banks. The sixth largest commercial bank in the US, USB operates 3,016 banking offices in twenty five states. It has 5,170 ATMS and offers a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses, and institutions.
U.S. Bancorp operates as a financial holding company and a bank holding company. U.S. Bancorp provides a range of financial services, including lending and depository services, cash management, foreign exchange, and trust and investment management services. It also engages in credit card services, merchant and Automated Teller Machine (ATM) processing, mortgage banking, insurance, brokerage and leasing. U.S. Bancorp’s banking subsidiaries are engaged in the general banking business, principally in domestic markets. The subsidiaries provide a range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. The Company operates in five segments: Wholesale Banking, Consumer Banking, Wealth Management & Securities Services, Payment Services, and Treasury and Corporate Support. On November 21, 2008, the Company acquired the banking operations of Downey Savings & Loan Association, F.A. and PFF Bank & Trust.
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