The acquisition includes BankEast’s 10 branches in the Knoxville area and $272m of assets, $268m of insured and uninsured deposits.
US Bank executive vice president of community banking John Elmore said that this acquisition extends the bank’s banking franchise in the attractive Tennessee market.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $75.6m.
"It is a great fit for both companies since U.S. Bank and BankEast share a similar community banking model which includes local decision making, strong community involvement and leadership combined with the consumer and business banking products and services of the nation’s fifth largest bank," added Elmore.
US Bank already employs over 1,100 people in the Knoxville area.
