US Bank has completed the acquisition of the Chicago-area Charter One branches from Citizens Financial Group and opened them under the US Bank banner.
The deal, which was initially signed in January, comprised Charter One’s retail branch network as well as small business operations and select middle market client relationships.
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The transaction has added over 160 branches in US Bank’s network in the Chicagoland area, and nearly doubled US Bank’s deposit market share in the Chicago area.
US Bank metropolitan branch network division manager Steve SaLoutos said, "We’ve spent the last few months getting to know our new customers and employees and we are pleased to formally welcome them to the U.S. Bank family."
"We are confident that our expanded branch network in the Chicagoland area will enable us not only to serve new customers, but to deepen our relationships with existing customers in the area."
New customers will be welcomed to U.S. Bank at a series of events planned throughout the summer. Also, this summer, U.S. Bank will begin to expand into its new space at 190 S. LaSalle Street.
US Bank Chicago market president Marsha Cruzan commented, "The completion of the Charter One acquisition is an important milestone for us as we deepen our relationship with a larger group of customers in Chicago."
