MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) announced today that it has completed the purchase of approximately $850 million in deposits and certain branch locations of BB&T Corporation’s Nevada banking operations. This acquisition includes the deposits of branches located in the Las Vegas-Paradise market, Reno-Sparks market and the Northern Nevada markets of Carson City, Fallon and Gardnerville Ranchos, that BB&T had acquired from the Federal Deposit Insurance Corporation (FDIC) as receiver for Colonial Bank.
Rick Hartnack, vice chairman of consumer banking for U.S. Bancorp, commented, “We are pleased to welcome our new colleagues and customers to U.S. Bank. As we noted when we first announced this transaction on October 13, 2009, the addition of these 14 new branches will strengthen and expand U.S. Bank’s footprint and distribution in the Nevada market. These new branches have been rebranded with the U.S. Bank name and now provide our extensive mix of industry leading products and services along with the added convenience of additional ATM and branch locations to better serve our new and existing customers in the Nevada market.”
U.S. Bancorp, with $265 billion in assets as of Sept. 30, 2009, is the parent company of U.S. Bank, the sixth largest commercial bank in the United States. The company operates 3,016 banking offices in 25 states and 5,170 ATMs 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 and are based on the information available to, and assumptions and estimates made by, management as of the date made. 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. Global and domestic economies could fail to recover from the recent economic downturn or could experience another severe contraction, which could adversely affect our revenues and the values of our assets and liabilities. Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Stress in the commercial real estate markets, as well as a delay or failure of recovery in the residential real estate markets, could cause additional credit losses and deterioration in asset values. 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, 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 of the acquisition of the Nevada deposits of BB&T Corporation.
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.