U.S. Bancorp (USB: 22.95 -0.62 -2.63%) announced on Wednesday that its lead bank, U.S. Bank National Association is planning to sell the three Texas banks that were recently acquired from the Federal Deposit Insurance Corporation (FDIC) as part of the acquisition of the banking subsidiaries of FBOP Corp. of Oak Park, Illinois.
The three Texas banks, which the company intends to sell are Citizens National Bank of Teague, Madisonville State Bank of Madisonville and North Houston Bank of Houston. These banks were among the nine banking subsidiaries that were acquired by U.S. Bancorp on Oct 30, 2009, and were previously operated by Illinois-based FBOP Corp.
The company intends to sell these three Texas banks by the second quarter of 2010. Following the sale of these banks, U.S. Bank will have no retail locations in Texas.
The six remaining subsidiaries are BankUSA, N.A., California National Bank, Pacific National Bank, Park National Bank, San Diego National Bank, and Community Bank of Lemont. These banks are located in California, Arizona and Illinois and will remain a part of the U.S. Bank franchise.
Headquartered in Minneapolis, U.S. Bancorp is one of the nation’s top 10 financial holding companies with $265 billion in assets as of Sep 30, 2009. The company operates 2,851 banking offices and 5,175 ATMs in 24 states.
The failure of Washington Mutual last year was the largest in the U.S. banking history. It was acquired by JPMorgan Chase (JPM: 41.33 -0.83 -1.97%). The other major acquirers of failed institutions since 2008 include U.S. Bancorp, Fifth Third Bancorp (FITB: 9.57 -0.37 -3.72%), Zions Bancorp (ZION: 12.62 -0.46 -3.52%), SunTrust Banks (STI: 22.59 -0.10 -0.44%), PNC Financial (PNC: 55.38 -1.49 -2.62%), BB&T Corp. (BBT: 24.26 -0.73 -2.92%) and Regions Financial (RF: 5.58 -0.22 -3.79%).
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