Skip to main content

U.S. Bank Expands Its Corporate Trust Business

NationalMortgageProfessional.com
Nov 17, 2010

U.S. Bancorp has announced that its lead bank, U.S. Bank NA has entered into a definitive agreement to purchase the domestic and European-based securitization trust administration businesses of Bank of America NA. “This transaction not only affirms U.S. Bank as a leader in the corporate trust industry, it strengthens its strong positions in collateralized debt obligations and commercial and residential mortgage-backed securitizations,” said Terrance Dolan, vice chairman of wealth management and securities services at U.S. Bancorp. “The transaction also establishes a U.S. Bank Corporate Trust Services presence in Europe with offices in Ireland and London, England, while significantly enhancing the U.S. Bank corporate trust presence in Chicago.” As a result of this transaction, U.S. Bank Corporate Trust Services will acquire approximately 2,153 active securitization and related transactions, more than 2.4 million residential mortgage files and 84,000 commercial files, and $1.1 trillion in assets under administration. Additionally, the transaction is expected to provide U.S. Bank with more than $10 billion of deposits. “U.S. Bank is committed to providing its new customers with the same high level of quality services that current U.S. Bank Corporate Trust customers have come to expect,” said Bryan Calder, president of corporate trust services at U.S. Bank. “U.S. Bank has a history of successful corporate trust acquisitions, having completed 18 acquisitions over the past 20 years, and the company is committed to ensuring a smooth transition. Conversion and integration risks are minimized since U.S. Bank and Bank of America utilize similar technology platforms and employ many of the same key vendors.” After conversion, the acquired U.S. and European trust businesses will operate under the U.S. Bank trade name. The transaction is expected to close in December 2010, subject to regulatory approval. Currently, U.S. Bank has 48 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank provides trustee, calculation agent and custodial services for mortgage-backed, asset-backed and CDO securitizations. U.S. Bank also serves as trustee and paying agent for the issuance of taxable and non-taxable securities, money market paying agent services and escrow services. U.S. Bank Corporate Trust Services is one of the highest ranked trustees in the areas of tax-exempt debt and new corporate bond issuances. U.S. Bancorp, with $291 billion in assets as of Sept. 30, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,013 banking offices in 24 states and 5,323 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. For more information, visit www.usbank.com.
Published
Nov 17, 2010
Guild Mortgage Acquires Inlanta Mortgage

Guild CEO says acquisition is part of broader plans to expand nationwide.

Industry News
Dec 02, 2022
Ohio Couple Sues Mr. Cooper Unit Over Loan Modification Denial

Seek class action status over denial of COVID-19

Industry News
Dec 01, 2022
Ready Life Changing The Homebuying Narrative

CEO says that the credit score system is an out-of-date barrier to people of color

Industry News
Nov 30, 2022
Title Business Takes Center Stage

Business turning into a hot topic with proposed changes

Industry News
Nov 30, 2022
Equifax Confirms Credit Report Hike

Costs could go up as much as 400% in some cases, according to NCRA.

Industry News
Nov 29, 2022
‘Massive’ Increase In Credit Report Cost Coming In 2023

NCRA says a 'vast majority' of mortgage lenders will incur price increases ranging from 10% to 400%.

Industry News
Nov 28, 2022