US Bancorp and BB&T have signed a definitive agreement for US Bank National Association, US Bancorp’s lead bank, to purchase approximately $800 million in deposits and certain branch locations of BB&T’s Nevada banking operations.
Reportedly, this acquisition includes the deposits of branches located in the Las Vegas-Paradise market, Reno-Sparks market and the Northern Nevada markets of Carson City, Fallon and Gardnerville Ranchos, that BB&T recently acquired from the Federal Deposit Insurance Corporation (FDIC) as receiver for Colonial Bank. US Bancorp has said that this acquisition is expected to meet or exceed its internal financial hurdles for internal rate of return and earnings per share accretion.
Rick Hartnack, vice chairman of consumer banking for US Bancorp, said: “This transaction will strengthen our geographic footprint in Nevada. As we continue to widen and enhance our distribution network in our Nevada markets, this purchase presents a great opportunity for us to deepen customer relationships by offering US Bank’s extensive mix of products and services to our new customers, while providing the convenience of additional ATM and branch locations to both new and existing clients.”
