Minneapolis -- U.S. Bancorp late Monday announced a $429 million deal for 57 branches with $3 billion of deposits from Bay View Bank in San Mateo, Calif.
Additionally, $173 billion-asset U.S. Bank said it would purchase $376 million of Bay View Bank's single-family, home-equity, and business loan portfolios. Following the expected closing in the fourth quarter, U.S. Bank intends to operate Bay View Bank's retail banking operations under the U.S. Bank name.
In a separate transaction, $3.9 billion-asset Bay View has signed a definitive agreement to sell a portfolio of approximately $1 billion of multifamily and commercial real estate loans to Washington Mutual Inc. of Seattle. This transaction is expected to close in about 30 days.
Bay View Capital Corp. will keep its indirect automobile lending subsidiary, Bay View Acceptance Corp., and its asset-based lending subsidiary, Bay View Commercial Finance Group.
