BRIEF: First Citizens to sell bond division: You are using an outdated browser

Thu. October 08, 2009; Posted: 04:37 AM

Oct 08, 2009 (The News and Observer - McClatchy-Tribune Information Services via COMTEX) -- FCIS | Quote | Chart | News | PowerRating -- Even as it gobbles up failed banks to expand its lending business, Raleigh-based First Citizens Bank is shedding another subsidiary.

The bank has agreed to sell its bond-trustee division to U.S. Bank of Minneapolis. The division helps municipalities, universities and corporations sell bonds, and protects the interest of bondholders.

Terms of the deal, which is expected to close by the end of the year, weren't disclosed.

First Citizens is selling the division to focus on other parts of its institutional investor business, including asset management and retirement plans, said Gene Lewis, a First Citizens senior vice president.

In recent months, First Citizens has bought two troubled West Coast banks in deals orchestrated by the Federal Deposit Insurance Corp. First Citizens now has about 430 branches.

U.S. Bank is a division of U.S. Bancorp and has more than 2,800 branches.

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