U.S. Bancorp’s lead bank, U.S. Bank National Association, has acquired Bank of America’s domestic and European-based securitization trust administration businesses. As per the deal, U.S. Bank Corporate Trust Services bought nearly 2,153 active securitization and related transactions, over 2.4 million residential mortgage files and 84,000 commercial files.
It also took over $1.1 trillion in assets under administration. The deal has given U.S. Bank nearly $8 billion of related deposits at close. The acquired U.S. and European trust businesses will operate under the U.S. Bank trade name after the conversion, which is currently expected to be completed by the end of the third quarter of 2011.
Click here for the release from Business Wire.