U.S. Bank National Association, which is U.S. Bancorp's lead bank, has completed the purchase of the domestic and European-based securitization trust administration businesses of Bank of America. The deal closed on Dec. 30.

The transaction's completion boosts U.S. Bank's U.S. structured finance trust business and also establishes the firm's presence in Europe with offices in Ireland and London.

Under the agreement, U.S. Bank Corporate Trust Services bought around 2,153 active securitization and related deals, over 2.4 million residential mortgage files and 84,000 commercial files, as well as $1.1 trillion in assets under administration. The purchase provided U.S. Bank with roughly $8 billion of related deposits at close.

After conversion, which should be completed by 3Q11's end, the acquired U.S. and European trust businesses will operate under the U.S. Bank trade name. U.S. Bank has completed 18 corporate trust acquisitions in the past 20 years.

U.S. Bank currently has 50 corporate trust offices across the U.S. and offers a complete line of trust services. It also offers trustee, calculation agent and custodial services for MBS, ABS and CDO securitizations.

U.S. Bank is also a trustee and paying agent for the issuance of taxable and non-taxable securities, money market paying agent services and escrow services.

U.S. Bancorp, which has $291 billion in assets as of Sept. 30, 2010, is the parent company of U.S. Bank, the fifth biggest U.S. commercial bank.

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