U.S. Bancorp said it has agreed to buy the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares Inc. of Raleigh.

On completion of the deal, which was announced last week, U.S. Bancorp's corporate trust division would have $2.4 trillion of assets under administration, 725,000 bondholders and more than 114,000 client issuances. The deal is expected to close by yearend; the price was not disclosed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.