SAN FRANCISCO - U.S. Bancorp, the largest trustee last year for California municipal bond business, appears to have won its way back into the bidding for $809 million worth of trustee business for the city of Los Angeles after reaching a community reinvestment pact with local officials.

The Linked Banking Community Oversight Board, set up last year to evaluate the reinvestment initiatives of banks doing business with the city, voted late Tuesday to include U.S. Bancorp among the institutions competing for Los Angeles' bond trustee business, ending a threat to shut the bank out of city business.

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