PORTLAND, Ore. - U.S. Bancorp said it had completed its acquisition of Idaho-based West One Bancorp.

Under terms of the agreement, each share of West One Bancorp common stock is being exchanged for 1.47 shares of U.S. Bancorp common stock.

With the holding company merger now completed, U.S. Bancorp said it will operate West One state banks as separate subsidiaries until they are merged with and converted to U.S. Bank operations. All bank subsidiary mergers between U.S. Bank and West One Bank should be completed by the third quarter of 1996, the bank said.

U.S. Bancorp and West One Bancorp announced a definitive agreement to merge on May 8 and received shareholder approval Oct. 3. Final regulatory approval was received Dec. 11.

With the merger, U.S. Bancorp operates close to 600 branches in six western states, with assets of about $30 billion.

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