"This acquisition is consistent with U.S. Bank's ongoing commitment to continued strategic business investments in the current economic climate," said Diane Thormodsgard, vice chair of U.S. Bancorp Wealth Management & Securities Services. "This transaction complements the existing U.S. Bank bond trustee business in North Carolina, South Carolina and Virginia, and strengthens our competitive position as a leading national trustee for new municipal issuances. The U.S. Bank team will work closely with First Citizens Bank to ensure a seamless transition and is committed to providing our new customers with the same high level of quality services our current U.S. Bank bond trustee customers have come to expect."

Dick Payne, vice chair of U.S. Bancorp Corporate Banking, stated "This investment is indicative of U.S. Bank's commitment to the southeast market, as is the recent introduction of the U.S. Bank National Corporate Banking team and High Grade Fixed Income Group. Through our focus on customer service and the latest in financial technology, we continue to grow in this market, winning over individuals as well as companies both large and small."

Terms of the agreement are not being disclosed. Upon completion of this transaction, U.S. Bank's corporate trust division will have $2.4 trillion in assets under administration, 725,000 bondholders and more than 114,000 client issuances.

"After due consideration of the bank's strategic goals for the future, First Citizens made the decision to exit the bond trustee business to focus on strengths in other areas of our institutional business, including institutional asset management, qualified retirement plans, institutional custody, escrow and stock transfer," said Gene Lewis, First Citizens' senior vice president and manager of Institutional Advisory Services. "U.S. Bank has a strong, proven track record in this business and will continue to provide outstanding services to our bond trustee clients."

Currently, U.S. Bank has 46 corporate trust offices across the country and offers a complete line of trust services. U.S.