WASHINGTON In answer to Justice Department concerns that their merger might violate antitrust law, Firstar Corp. and U.S. Bancorp agreed Monday to divest 13 branches with about $756 million of deposits.
The Justice Department announced Monday that Milwaukee-based Firstar has agreed to sell 11 branches in the Minneapolis-St. Paul area (in a deal announced by the companies last week), as well as $180 million of middle-market loans. It will also sell two branches in Council Bluffs, Iowa.
The merger of $74.4 billion-asset Firstar or Milwaukee with Minneapolis $86.2 billion-asset U.S. Bancorp would create the nations eighth-largest banking organization.
The deal, announced last October, remains still subject to approval by the Federal Reserve Board.