PORTLAND -- In an effort to refocus on core businesses, U.S. Bancorp said, it signed a definitive agreement to sell its Credco Inc. subsidiary to First American Financial Corp. for an undisclosed sum.

The transaction is expected to close in early January.

Carlsbad, Calif.-based Credco is a national credit-reporting company that was acquired by U.S. Bancorp in 1990. It employs 300 people in 18 states.

Credco's current president, Donald A. Robert, will continue in that capacity following the sale, the bank said.

U.S. Bancorp has $21 billion of assets.

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