U.S. Bank has agreed to buy Ally Bank's document-custodian business.
U.S. Bank would increase its documents under custody by 15%, add 40 jobs and add an office in Waterloo, Iowa, as a result of the deal, the Minneapolis bank said in a press release Monday. Its global corporate trust services division stores and protects a variety of collateral loan files, including commercial and residential mortgages and vehicle loans and leases.
The financial terms of the deal, which is expected to close soon, were not disclosed.
U.S. Bank is a subsidiary of the $364 billion-asset U.S. Bancorp (USB). Ally Bank, a subsidiary of Ally Financial, is based in Midvale, Utah.