Under this deal, US Bank will receive $2.1bn of assets and assume nearly $2.1bn of liabilities, including $1.8bn of insured and uninsured deposits of First Community Bank.
However, the US Bank will not acquire any assets or liabilities of First Community Bank’s parent holding company, First State Bancorporation, based in New Mexico.
US Bank said all the 38 acquired branches of Community Bank’s will reopen under their current name and will be re-branded as US Bank branches in the near future and the customers of the First Community Bank can continue to conduct their banking services as usual.
US Bank executive vice president of community banking John Elmore said that this acquisition is an extension of US Bank’s banking franchise into its 25th contiguous state and it immediately establishes the bank as one of the top three banks in terms of market share in the attractive New Mexico market.
