More M&A In The Landscape: US Bank Is Acquiring FNB Corp (USB, FNB)

US Bank NA, part of US Bancorp. USB, has agreed to acquire First National Trust Co., the bond and transfer agency business of FNB Corp FNB, one of Pittsburgh’s largest financial institutions. FNB executives said that it planned to “exit” the business due to escalating administrative costs that are “prohibitive” for regional trust companies. This deal comes on the back of a line of M&A activities hitting the Wall Street today. The deal creates a US Bank corporate trust division with $2.9 trillion in assets under administration. Bryan Calder, president of US Bank Corporate Trust Services, said in that the acquisition “complements” its existing business and “strengthens its competitive position” as a leading national trustee for new municipal issuances. First National Bank is based in Hermitage about 60 miles north of Pittsburgh, and has total assets of $8.8 billion. Earlier this month, it announced plans to acquire Comm Bancorp in a $70 million deal. FNB is trading at $7.89, up 1.54%. USB is trading at $21.97, up 1.06% from its previous close.