U.S. Bancorp (USB) in Minneapolis has completed its purchase of Citizens Financial Group's Charter One franchise in Chicago.
All 94 Charter One branches were converted into U.S. Bank branches as of Monday morning. U.S. Bancorp now has more than 160 branches in the Chicago area.
This transaction, first announced in January, nearly doubles U.S. Bank's deposit market share around Chicago. U.S. Bancorp also acquired the branches' small-business operations and certain middle-market relationships.
"We've worked hard to grow our presence in Chicago over the past five years," Marsha Cruzan, U.S. Bank's Chicago market president, said in a press release. "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."
Citizens, based in Providence, R.I., will retain a market presence in the Chicago area by serving commercial businesses. It will also offer mortgage, student and auto loans.
"The close of this transaction allows us to sharpen our focus on enhancing revenue growth and improving the effectiveness of our operating platform," Bruce Van Saun, Citizens' chief executive, said in a press release. "This sale puts us in a good position to reinvest in attractive opportunities to deliver long-term growth."