U.S. Bank Acquires Union Bank Institutional Trust and Custody Division
MINNEAPOLIS, MN, February 1, 2012 -- U.S. Bancorp announced today its lead bank, U.S. Bank National Association, entered into a definitive agreement to purchase the institutional trust business providing services to retirement plans, labor management trusts, and registered investment advisors from Union Bank, N.A. With this transaction, the Institutional Trust and Custody division of U.S. Bank will acquire approximately 4,300 client relationships representing $42 billion in assets under administration.
"This acquisition is a great fit for U.S. Bank and solidifies us as a leading provider of institutional trust and custody services by significantly increasing U.S. Bank's scale supporting the retirement services, labor management, and registered investment advisor markets," said Terrance Dolan, vice chairman of the U.S. Bank Wealth Management and Securities Services division.
Union Bank's decision to exit the retirement plan services, labor management trust services, and registered investment advisor business segments does not affect any of its other banking relationships, products, or services. Union Bank intends to strategically expand its banking, global treasury management, asset management, brokerage, corporate trust, and institutional custody business segments nationwide.
"Our decision was made after very thoughtful analysis of our market position in these areas," said Marianne Bamonte, senior vice president and Institutional Services division manager of Union Bank. "The sale of these business segments will allow us to strategically reinvest capital in other areas to the long-term advantage of our clients and Union Bank. At the same time, we are confident U.S. Bank's scale will ensure continued high quality services and support to the client relationships they are acquiring."
"We are pleased to have the opportunity to increase the presence of our Institutional Trust and Custody division on the West Coast. This transaction greatly complements our existing suite of services and adds incredible talent," said Jeff Kerr, president of the Institutional Trust and Custody division of U.S. Bank. "We look forward to putting the resources of U.S. Bank to work for our new clients and are dedicated to providing an exemplary client experience."
U.S. Bank anticipates retaining many of the key relationship staff and a strong presence in current market locations. As an industry leader, U.S. Bank continues to expand its capabilities to provide innovative solutions that support its clients' businesses.
Terms of the transaction were not disclosed.
About UnionBanCal Corporation & Union Bank
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $89.7 billion at December 31, 2011. Its primary subsidiary, Union Bank, N.A., is a full-service commercial bank providing an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 414 branches in California, Washington, Oregon, Texas and New York, as well as two international offices, on December 31, 2011. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world's largest financial organizations. Visit www.unionbank.com for more information.
About U.S. Bank Institutional Trust and Custody
U.S. Bank Institutional Trust and Custody was formed to exclusively serve the unique needs of institutional entities, including Taft-Hartley Plans, government and public entities, registered investment advisors, corporations, endowments and foundations, and insurance companies. As one of the nation's leading financial institutions in the country, we have provided trust, custody and investment management services for more than 100 years. Our customized solutions are focused on the middle market and delivered with a local presence.
About U.S. Bancorp
Minneapolis-based U.S. Bancorp, with $340 billion in assets as of December 31, 2011, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,085 banking offices in 25 states and 5,053 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 and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com for more information.
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