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US Bancorp to buy some BB&T branches in Nevada

By Associated Press

October 14, 2009 8:35 am ET

U.S. Bancorp, parent of U.S. Bank, said Wednesday that it is buying some of BB&T Corp.'s banking branches in order to broaden its presence its Nevada.

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The company said it will buy about $800 million in deposits for branches located in the Las Vegas-Paradise market, Reno-Sparks market and the Northern Nevada markets of Carson City, Fallon and Gardnerville Ranchos.

Terms of the deal were not disclosed.

The acquisition is expected to close early next year.

U.S. Bancorp has $266 billion in assets and runs 2,850 banking offices and 5,173 ATMs in 24 states. BB&T had $152.4 billion in assets as of June 30. It operates more than 1,800 financial centers in 13 states and Washington, D.C.

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