USBancorp has sold the credit card portfolio of its U.S. Bank subsidiary to First National Bank of Omaha.

The $2.4 billion-asset USBancorp is the parent of U.S. Bank and USBancorp Trust and Financial Services Co. in Johnstown, and Three Rivers Bank and Trust Co. in Pittsburgh.

The card portfolio consists of 16,878 credit card accounts with outstanding balances of $13.3 million. It was sold for a 16% premium, which means USBancorp will recognize a $1.2 million after-tax gain in the second quarter.

Under an agent bank relationship, First National Bank of Omaha will continue to offer credit cards to U.S. Bank customers under their bank's name. It is not related to U.S. Bancorp of Minneapolis.

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