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U.S. Bancorp (NYSE: USB) announced today that its lead bank, U.S. Bank National Association, has entered into a definitive agreement to purchase the document custodian business of Ally Bank.
U.S. Bank, through its Global Corporate Trust Services division, currently operates a national network of document custody locations and vault sites. As a document custodian, U.S. Bank stores and safeguards a wide array of collateral loan files, including commercial and residential mortgages, equipment leases, home equity and improvement loans and vehicle loans and leases.
The acquisition of Ally’s document custodian business, which is expected to close early in the second quarter of 2014, will add up to 40 employees to U.S. Bank, one new service location in Waterloo, Iowa and increase documents under custody by 15 percent.
“This transaction is the most recent in a string of investments U.S. Bank has made in our growing corporate trust services business,” said Bryan Calder, president of U.S. Bank Global Corporate Trust Services. “This acquisition provides us with an additional growth opportunity and is consistent with our position as a leading provider of third-party custodian services nationwide.”
U.S. Bank has a long history and strong presence in Iowa. The bank operates 99 branches in the state today and employs more than 1,250 people across multiple business lines.
“We are happy to have this opportunity to retain jobs in the Waterloo area and show our continued dedication to the community and to helping support the local job market,” said Dan Watters, community banking division head for U.S. Bank in Iowa.
About U.S. Bank Global Corporate Trust Services
U.S. Bank Global Corporate Trust Services is one of the premier providers of corporate trust services in the nation, serving private and public companies, government and tax-exempt entities, and financial services companies. The group operates a network of 49 domestic offices and three international locations in Buenos Aires, Argentina; London, England; and Dublin, Ireland.