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U.S. Bank Closes On Acquisition Of Chicago-Area Charter One Bank Franchise

The Chicago-area Charter One branches that U.S. Bank acquired from Citizens Financial Group have opened today under the U.S. Bank name.

Originally announced in January, the acquisition includes Charter One’s retail branch network as well as small business operations and select middle market client relationships. The transaction gives U.S. Bank more than 160 branches in the Chicagoland area, and nearly doubles U.S. Bank’s deposit market share in the Chicago area.

“We’ve spent the last few months getting to know our new customers and employees and we are pleased to formally welcome them to the U.S. Bank family,” said Steve SaLoutos, division manager for U.S. Bank’s Metropolitan Branch Network. “We are confident that our expanded branch network in the Chicagoland area will enable us not only to serve new customers, but to deepen our relationships with existing customers in the area.”

New customers will be welcomed to U.S. Bank at a series of events planned throughout the summer. Also, this summer, U.S. Bank will begin to expand into its new space at 190 S. LaSalle Street.

“We’ve worked hard to grow our presence in Chicago over the past five years,” said Marsha Cruzan, Chicago market president for U.S. Bank. “The completion of the Charter One acquisition is an important milestone for us as we deepen our relationship with a larger group of customers in Chicago.”

About U.S. BankU.S. Bancorp (NYSE: USB), with $371 billion in assets as of March 31, 2014, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,083 banking offices in 25 states and 4,878 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.

Copyright Business Wire 2010

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