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Both U.S. Bank and Madisonville State Bank are providers of personal and commercial banking products and services.
Simultaneously, U.S. Bank has also assumed all of the deposits and assets of eight other banking subsidiaries of FBOP from the FDIC. The nine banks were closed on October 30, 2009 by federal and state bank regulators, which appointed the FDIC as receiver. These eight banks include, California National Bank, Citizens National Bank, Bank USA, National Association, North Houston Bank, Pacific National Bank, Park National Bank, San Diego National Bank and Community Bank of Lemont.
As of September 30, 2009, the banks had combined assets of $19,400 million and deposits of $15,400 million. Under the terms of the transactions, U.S. Bank will receive approximately $18,400 million of assets and assume approximately $18,300 million of liabilities, including $15,400 million of both insured and uninsured deposits of the nine different banks that are part of FBOP.
In addition, the FDIC and U.S. Bank have entered into a loss-share transaction on approximately $14,400 million of the combined purchased assets of $18,200 million. U.S. Bank will share in the losses on the asset pools covered under the loss-share agreement.
Deal Type Acquisition Sub-Category Asset Purchase Deal Status Completed: 2009-10-30
Deal Participants
Target (Company) Madisonville State Bank - Deposits and Assets Acquirer (Company) U.S. Bank N.A. Vendor (Company) Federal Deposit Insurance Corporation
Deal Rationale
The acquisition is consistent with the growth strategy of U.S. Bancorp, which includes enhancing its existing franchise through low-risk, in-market acquisitions. The transaction adds scale to U.S. Bancorp's current California, Illinois and Arizona footprints in the US and key markets within these states. The acquisition is an efficient means of leveraging U.S. Bank's strong capital base, as U.S. Bancorp further expands opportunities to bring its products and services to a new, larger customer base.
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