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US Bancorp to buy municipal bond trustee business

MINNEAPOLIS (AP) -- U.S. Bancorp said Monday that its lead bank, U.S. Bank National Association, has agreed to buy Deutsche Bank's municipal bond trustee business, boosting its position as a top provider of municipal trustee and agency services.

Financial terms were not disclosed.

The deal, which is expected to close in the third quarter, will add about $57 billion to the more than $3 trillion in assets that U.S. Bank's corporate trust division currently manages. The acquisition also will increase U.S. Bank's 125,000 trust and agency contracts by about 1,100.

U.S. Bancorp shares fell 13 cents to $34.09.