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U.S. Bank to buy Bank of America unit


U.S. Bancorp announced Monday that it will buy the securitization trust administration business of Bank of America Corp. U.S. Bank plans to spend up to $35 million on the deal, according to the Minneapolis/St. Paul Business Journal.

The deal is expected to close next month, and allows U.S. Bank to acquire a business with 2,153 active transactions, more than 2.4 million residential mortgage files and 84,000 commercial files. U.S. Bank will boost its deposits by $10 billion.

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