US Bank to buy Indiana corporate trust business of UMB Bank
US Bancorp's unit, US Bank National Association, has agreed to acquire the corporate trust business of UMB Bank in Indiana.
UMB Bank is a subsidiary of UMB Financial Corporation .
Terms of the acquisition deal have not been disclosed.
The US Bank noted that its global corporate trust services team will assist the UMB Bank Indiana in the transition process.
The transaction is expected to close in March 2012.
US Bank Global Corporate Trust Services offers trustee services and has more than $4tn in assets under administration in municipal, corporate, asset-backed and international bonds and more than 500,000 bondholders and 100,000 client issues.
The division provides a wide range of trust and agency services including municipal and corporate bond trustee, calculation/paying agent, collateral administration and document custody through its network of 48 US-based offices, an Argentinian office and its European locations in London and Dublin.
US Bancorp has $340bn in assets by December 2011..
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