U.S. Bancorp said Monday it completed its acquisition of Libra Investments Inc., a privately held investment bank with offices in Los Angeles and New York.

U.S. Bancorp agreed to purchase the firm, which specializes in underwriting and trading high-yield and mezzanine securities, in September.

The new subsidiary will be known as U.S. Bancorp Libra and be a division of the bank's section 20 unit, U.S. Bancorp Investments Inc.

In December, Libra served as co-manager on a $150 million junk bond offering for Golden Northwest Aluminum Inc. of Oregon and as co-manager on a $55 million senior note for DVI Inc. in Pennsylvania.

The two clients were referred to the firm by U.S. Bancorp and Piper Jaffray, another division of the bank's section 20 unit.

Libra will continue to be run by Jess M. Ravich, its chairman and chief executive, and by Jeffrey D. Benjamin, co-chief executive.

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