U.S. Bancorp picked up $800 million of deposits in Nevada from BB&T Corp. Tuesday, a week after negotiations for a sale of branches in the state broke down between BB&T and Global Consumer Acquisition Corp. of New York.
The transaction is expected to close early next year and would expand U.S. Bancorp in markets including Las Vegas-Paradise, Reno-Sparks, Carson City, Fallon and Gardnerville Ranchos.
BB&T had acquired 22 branches from the Federal Deposit Insurance Corp. after the failure of Colonial Bank of Montgomery, Ala. Global Consumer Acquisition said last week that it terminated talks with BB&T because the Winston-Salem, N.C., company had proposed terms that were "far less compelling" than a deal offered by Colonial.
U.S. Bancorp, of Minneapolis, would not disclose the price of the deal or how many branches it bought.