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U.S. Bancorp acquires Charter One Bank

Doubles market share in Chicago

Chicago

U.S. Bancorp’s (USB) lead bank, U.S. Bank National Association, has reached an agreement to acquire the Chicago branch operations of the Charter One Bank franchise owned by RBS Citizens Financial Group.

The deal includes the acquisition of Charter One’s Chicago retail branch network, small business operations and select middle-market relationships.

After the acquisition, U.S. Bank’s deposit market share in the Chicago metro area will almost double.

U.S. Bank will acquire approximately $5.3 billion of deposits, $1.1 billion of loans, 94 branches and 800 employees for a deposit premium of approximately $315 million, or 6%.

"This transaction will double our market share in Chicago, giving us a great opportunity to not only deepen existing customer relationships, but a chance to serve new customers with our extensive mix of products and services," said John Elmore, vice chairman of community banking and branch delivery for U.S. Bank.

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