Diane Thormodsgard, president of U.S. Bank's Corporate Trust and Institutional Trust & Custody Services, commented, "This acquisition complements U.S. Bank's existing corporate trust business and will strengthen our competitive position by increasing our existing scale and leveraging our industry leading technology and operational platforms. Also, this further solidifies the U.S. Bank position as the number one trustee for new municipal issuances, as a top tier corporate trust provider nationally, and as the leading corporate trust provider in the Midwest. We are committed to providing our new customers with the same high level of quality services that our current U.S. Bank corporate trust customers have come to expect. The U.S. Bank team will work with National City to ensure a seamless transition for the customers."
Upon completion of this transaction, U.S. Bank's corporate trust division will have $1.2 trillion in assets under administration, 1.1 million bondholders and 64,000 client issuances. This acquisition reflects U.S. Bank's ongoing commitment to the corporate trust industry and to remaining a leader in the area of municipal finance and a top tier provider in new corporate bond issuances and structured finance.
This transaction gives U.S. Bank's corporate trust division new locations in: Indianapolis; Cleveland; Columbus, Ohio; Louisville, Ky.; and Pittsburgh, and enhances its current office in Detroit.
Currently, U.S. Bank has 26 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank serves as trustee and paying agent for the issuance of taxable and non-taxable securities, including the review of documents and indentures, registration and authentication of bonds, receipts and disbursement of bond sale proceeds, successor trusteeships, escrow account services and transfer and paying agency services. Also, U.S. Bank provides mortgage-backed and asset-backed securitizations, money market paying agency services, bond and tax administration, escrow services and document custody services.
U.S. Bancorp, with assets of $192 billion, is the 7th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 ATMs in 24 states and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.
This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, anticipated earnings, impact of the acquisition and future integration activities. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following, in addition to those contained in the Company's reports on file with the SEC: (i) general economic or industry conditions could be less favorable than expected, resulting in a deterioration in credit quality; (ii) the Company could encounter unforeseen complications in connection with the ongoing integration of the products, operations and information systems of U.S. Bancorp that could adversely affect the Company's operations or customer relationships; and (iii) the acquisition of National City Corporation's corporate trust bond administration business may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated, or may result in unforeseen integration difficulties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.