First Bank System Inc. announced Friday that it has agreed to buy the corporate trust businesses of U.S. Bancorp's Oregon and Washington subsidiaries. Terms of the transaction were not disclosed.

Trust services, including corporate trust, are a core business for First Bank, based in Minneapolis. First Bank chairman and chief executive John F. Grundhofer described the U.S. Bancorp purchase as a move to strengthen the company's position as a corporate trust provider on the West Coast and run more business through its existing infrastructure.

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