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Stock Market & Financial Investment News

News Breaks
January 7, 2014
09:02 EDTRBS, USBU.S. Bancorp acquires Chicago branch banking ops of RBS Citizens Financial
U.S. Bancorp (USB) announced today that its lead bank, U.S. Bank National Association, has reached an agreement to acquire the Chicago branch banking operations of the Charter One Bank franchise owned by RBS Citizens Financial Group (RBS). The acquisition includes Charter Oneís Chicago retail branch network, small business operations, and select middle market relationships. Once complete, the acquisition will nearly double U.S. Bankís deposit market share in the Chicago metro area. Under the terms of this transaction, U.S. Bank will acquire approximately $5.3B of deposits, $1.1B of loans, 94 branches, and 800 employees for a deposit premium of approximately $315M, or 6%. At close, U.S. Bank will have combined deposits of approximately $11.3B in Chicago. Approximately 35 percent of the $5.3B of acquired deposits are non-interest bearing and NOW accounts; 48 percent are money market and savings accounts; and 17% are time deposits. This acquisition is expected to meet or exceed U.S. Bancorpís internal financial hurdles for internal rate of return and earnings per share accretion. This transaction is subject to regulatory approval and is anticipated to close in mid-2014. RBS Citizens Financial Group Chicago branches will continue to operate under their current name, Charter One, during the transition, and will be re-branded as U.S. Bank branches once the transaction is complete.
News For USB;RBS From The Last 14 Days
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November 24, 2014
07:11 EDTRBSWatchdog orders RBS to call auditors after stress test error, FT reports
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07:01 EDTUSBFed could further restrict banks' commodities businesses, NY Times says
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November 21, 2014
11:17 EDTRBSRBS reports EBA stress test result correction
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07:24 EDTUSBBB&T CEO says 'banks lending recklessly' again, Reuters reports
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November 20, 2014
06:03 EDTRBSRBS, NatWest, Ulster Bank fined GBP42M by FCA
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November 19, 2014
07:51 EDTUSBClearing House Payments Company to hold a conference
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November 18, 2014
14:56 EDTRBSRBS management to meet with Jefferies
Meetings to be held in Chicago/Toronto on November 24-25 hosted by Jefferies.
06:34 EDTRBSDraghi sees positive signs in euro zone, NY Times reports
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November 14, 2014
06:36 EDTRBSRoyal Bank of Scotland to exit US mortgage business, Reuters reports
Royal Bank of Scotland's securities unit will exit its U.S. mortgage trading business, reports Reuters. In an emailed statement, a RBS spokesman said exiting the business "is a necessary part of repositioning our US business." RBS had originally planned to shrink it by two-thirds. Reference Link

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