MINNEAPOLIS & GREAT FALLS, Mont.--(BUSINESS WIRE)--U.S. Bancorp (NYSE:USB) today announced that it has completed the acquisition of United Financial Corp., the parent company of Heritage Bank. United Financial Corp., which was headquartered in Great Falls, Montana, had consolidated assets of approximately $411 million and $307 million in deposits as of Dec. 31, 2006.
This transaction is expected to strengthen U.S. Bank’s franchise in Montana, both by enhancing its existing market presence in certain regions of Montana and expanding into new regions of Montana. U.S. Bank has a history of successful fill-in market acquisitions of this type and management views the integration related to this acquisition as low risk. U.S. Bank and Heritage Bank have similar community banking models that will help ensure a smooth transition.
“In upcoming months, Heritage Bank branches will eventually take on the U.S. Bank name, but customers will continue to be served by the same familiar Heritage Bank employees they’ve come to know and trust,” said John R. Elmore, executive vice president of community banking for U.S. Bank. “We will be communicating directly with our new customers as we introduce U.S. Bank products and expanded services to Heritage Bank customers.”
United Financial Corp. is a bank holding company headquartered in Great Falls, Montana, with operations in 12 Montana communities. United was organized as a Minnesota corporation in 1996. United's banking business in Montana is conducted through its wholly owned subsidiary, Heritage Bank, a Montana corporation established in 1923.
U.S. Bancorp, with $219 billion in assets, is the 6th largest commercial bank in the United States. The company operates 2,472 banking offices and 4,841 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 usbank.com.