U.S. Bancorp said Friday that it plans to sell all 20 of its branches in Kansas plus eight in Iowa.
The company would not disclose sale prices, saying the gains would not affect earnings.
U.S. Bancorp said it would sell $270 million of deposits in Kansas to privately held $2.1 billion-asset Intrust Financial Corp. of Wichita, Kan.
It would also sell $145 million in Iowa deposits to seven community banks in Iowa, leaving it with $500 million of deposits there. Two of the Iowa branches and $60 million of deposits would be sold to $1.9 billion- asset Brenton Banks Inc. of Des Moines.
A small number of consumer loans-less than $10 million total-would also be sold. Sales are expected to close in the third quarter.
U.S. Bancorp said it decided to sell branches in areas where it had small deposit market share and low profits so it could use proceeds from the sales for other operations.