Wednesday, U.S. Bancorp (USB) announced that its lead bank, U.S. Bank N.A., has reached agreement to acquire the corporate trust bond administration business of AmeriServ Financial, Inc. (ASRV). The financial terms of the transaction was not disclosed.
Upon completion of the transaction, U.S. Bank's corporate trust division will have $2.1 trillion in assets under administration, nearly 670 thousand bondholders and more than 102 thousand client issuances.
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