F.N.B. Corp. in Hermitage, Pa., is selling its bond and transfer agent business to U.S. Bancorp.

The $8.6 billion-asset company said in a statement last week that it decided to exit the business because growing administrative costs had become prohibitive for a regional trust company.

F.N.B. said it will continue to focus on trust, investment management and qualified plan services.

The deal's terms were not disclosed.

U.S. Bancorp, based in Minneapolis, said the deal complements its existing trust business, strengthening its position as a leading corporate trust provider in western Pennsylvania.

Once the deal closes, the U.S. Bank unit's corporate trust division will have $2.9 trillion of assets under administration.

The $283 billion-asset U.S. Bancorp operates 47 corporate trust offices nationwide.

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