"This acquisition will strengthen our presence and provide an entry into important fastgrowing communities in Southern California," says Dave Rainer, president of US Bank in California.
The deal also includes about $640 million in deposits, $570 million in loans and 300 employees. Minneapolis-based US Bancorp, the nation's eighth-largest financial services company, will have 164 full-service branches in California once the deal is done. Bank officials expect it will close by the end of the third quarter of 2001. The 20 branch locations being acquired by US Bank are in the following Southern Californiacommunities: Anaheim, Brea, Camarillo, Encino, Gardena, Hacienda Heights, Irvine, Lomita, Los Alamitos, Lynwood, Manhattan Beach, Ontario, Paramount, Redondo Beach, San Pedro, Santa Ana, Signal Hill, Torrance, Westminster and Westwood.
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