Bancorp said Tuesday that it had completed its acquisition of Western Bancorp for about $1.04 billion.

The acquisition adds 31 bank branches in Southern California in Los Angeles, Orange, and San Diego counties, bringing U.S. Bancorp's California branch total to 129. Western Bancorp is composed of Southern California Bank and Santa Monica Bank. David I. Rainer, 42, who has served as president and chief executive officer of Santa Monica Bank, will serve as president of the Southern California market for U.S. Bancorp.

U.S. Bancorp said it expects to convert Western Bancorp branches to U.S. Bank signs and systems during the first quarter.

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