US Bancorp has announced that its lead bank, US Bank National Association, has acquired the deposits of First Bank of Idaho from the Federal Deposit Insurance Corporation.
Under the terms of this transaction, US Bank will receive approximately $225m of First Bank of Idaho deposits, and it will also receive certain related assets. US Bank will not acquire any brokered deposits of the bank or assets or liabilities of the First Bank of Idaho’s parent holding company, Sun Valley Bancorp, headquartered in Ketchum, Idaho.
The seven branch locations in central Idaho and the Teton region will continue to operate under their current name and will be re-branded as US Bank branches in the near future. First Bank of Idaho deposit customers should continue to conduct their banking as they have in the past. US Bank will soon be providing additional information to these First Bank of Idaho customers. First Bank of Idaho customers should know that their deposits are now backed by the financial strength and security of US Bank.
The branches that are part of this transaction are First Bank of Idaho branches located in the Idaho communities of Ketchum, Hailey and Bellevue, and the First Bank of the Tetons branches in Driggs and Victor, Idaho, and in Jackson, Wyoming. Prior to this announcement, US Bank had 90 branch offices in Idaho, and 14 in Wyoming.
John Elmore, executive vice president of community banking at US Bank, said: The addition of these First Bank of Idaho locations, including the branches that operate under the name of First Bank of the Tetons, allows US Bank to expand our presence in these attractive growth-oriented communities. We look forward to serving the banking needs of the former First Bank of Idaho customers who will now become part of the US Bank family. All seven of the branches will continue to operate using their normal business hours, so as to not disrupt any service to customers.
