According to a recent U.S. Bank press release:
U.S. National Association announced Tuesday, November 25, 2009, that it was seeking buyers for the three Texas banks, Citizens National Bank of Teague, Madisonville State Bank of Madisonville, and North Houston Bank of Houston, acquired from the FDIC October 30, 2009. The three banks were a part of the acquisition of the banking subsidiaries of FBOP Corporation of Oak Park, Illinois. These three banks were acquired along with six other banks in California, Illinois, ans Arizona, which will remain a part of U.S. Bank. After these three banks are sold, US Bank will have no retail locations in Texas. The sales are expected to be completed early in the second quarter of 2010.
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Does USBank want a presence in Texas?-- this sometimes occurs in M&A - you get businesses you want and some you don't -- it is often difficult to divest the ones you don't want. Isa there any further info on the strategic reasoning behind this sale?
ReplyDeleteUS Bank wanted all the other locations in this holding company. It is my understanding that we had to buy all or nothing. No, US Bank does not have a presence in Texas. I am sure that is the main reason for selling these 3 branches.
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