Diane Thormodsgard, president of U.S. Bank 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 tax-exempt debt issuances, as a top tier corporate trust provider nationally, and as a leading corporate trust provider in the Southeast. The U.S. Bank team will work with SunTrust to ensure continued quality service and a seamless transition for the customers."
Upon completion of this transaction, U.S. Bank's corporate trust division will have $2.5 trillion in assets under administration, 716,000 bondholders and more than 92,000 client issuances. This transaction gives U.S. Bank's corporate trust division a new location in Orlando, Fla., and enhances its current offices in Atlanta; Miami; Nashville, Tenn.; and Richmond, Va.
With U.S. Bank's history of successful mergers, the company is committed to ensuring a smooth transition. Conversion and integration risks are minimized since U.S. Bank and SunTrust utilize similar technology platforms and employ many of the same key vendors. Following the receipt of regulatory clearances and consummation of the transaction, U.S. Bank is committed to providing its new customers with the same high level of quality services that current U.S. Bank corporate trust customers have come to expect.
This transaction clearly affirms U.S. Bank as a leader in the corporate trust industry - the largest trustee in the area of tax-exempt debt and asset-backed and mortgage-backed securities.
U.S. Bank currently has 44 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 and document custody services.
U.S. Bancorp, with assets of $213 billion, is the 6th largest financial holding company in the United States. The company operates 2,434 bank offices and 4,966 ATMs, 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.
The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:
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