MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) announced today that, effective immediately, its lead bank, U.S. Bank National Association, has acquired the deposits of First Bank of Idaho, FSB, from the Federal Deposit Insurance Corporation (FDIC).
Under the terms of this transaction, U.S. Bank will receive approximately $225 million of First Bank of Idaho deposits, and it will also receive certain related assets. U.S. Bank will not acquire any brokered deposits of the bank or assets or liabilities of the First Bank of Idaho’s parent holding company, Sun Valley Bancorp, headquartered in Ketchum, Idaho.
“The addition of these First Bank of Idaho locations, including the branches that operate under the name of First Bank of the Tetons, allows U.S. Bank to expand our presence in these attractive growth-oriented communities,” said John Elmore, executive vice president of community banking at U.S. Bank. “We look forward to serving the banking needs of the former First Bank of Idaho customers who will now become part of the U.S. Bank family. All seven of the branches will continue to operate using their normal business hours, so as to not disrupt any service to customers.”
The seven branch locations in central Idaho and the Teton region will continue to operate under their current name and will be re-branded as U.S. Bank branches in the near future. First Bank of Idaho deposit customers should continue to conduct their banking as they have in the past. U.S. Bank will soon be providing additional information to these First Bank of Idaho customers. First Bank of Idaho customers should know that their deposits are now backed by the financial strength and security of U.S. Bank.
The branches that are part of this transaction are First Bank of Idaho branches located in the Idaho communities of Ketchum, Hailey and Bellevue, and the First Bank of the Tetons branches in Driggs and Victor, Idaho, and in Jackson, Wyoming.
If customers of First Bank of Idaho have any questions regarding their accounts involved in this transaction, they should continue to use the same channels as they have in the past, by contacting their local branch or by visiting firstbanksolutions.com.
Prior to this announcement, U.S. Bank had 90 branch offices in Idaho, and 14 in Wyoming.
U.S. Bancorp, with $264 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,847 banking offices and 5,183 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. Visit U.S. Bancorp on the web at usbank.com.
The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These statements often include the words “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” “potentially,” “probably,” “projects,” “outlook” or similar expressions. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. A continuation of the recent turbulence in significant portions of the global financial markets, particularly if it worsens, could impact our performance, both directly by affecting our revenues and the value of our assets and liabilities, and indirectly by affecting our counterparties and the economy generally. Dramatic declines in the housing market in the past year have resulted in significant write-downs of asset values by financial institutions. Concerns about the stability of the financial markets generally have reduced the availability of funding to certain financial institutions, leading to a tightening of credit, reduction of business activity, and increased market volatility. There can be no assurance that any governmental program or legislation will help to stabilize the U.S. financial system or alleviate the industry or economic factors that may adversely impact our business. In addition, our business and financial performance could be impacted as the financial industry restructures in the current environment, by increased regulation of financial institutions or other effects of recently enacted legislation, by changes in the creditworthiness and performance of our counterparties, and by changes in the competitive landscape. Our results could also be adversely affected by continued deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in our investment securities portfolio; legal and regulatory developments; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk. Finally, there can be no assurance that we will realize the anticipated benefits related to the acquisition of the deposits of First Bank of Idaho FSB.
For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2008, on file with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Corporate Risk Profile,” and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. 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.