US Bancorp to sell 3 Texas banking units

AP News
Posted: Nov 25, 2009 10:04 AM

U.S. Bancorp said Wednesday it plans to sell three Texas banks it recently acquired when it took over FBOP Corp.'s banking operations last month.

Minneapolis-based US Bancorp said it is looking for buyers of Citizens National Bank in Teague, Madisonville State Bank in Madisonville, and North Houston Bank in Houston. US Bancorp said it plans to complete the sale of the three banks by the second quarter of 2010.

FBOP owned nine banks throughout the country before it failed and was taken over by the Federal Deposit Insurance Corp. US Bancorp acquired FBOP's nine banking subsidiaries from the FDIC on Oct. 30.

US Bancorp plans to hold onto the six remaining banking subsidiaries it acquired from FBOP. They are located in California, Arizona and Illinois.

After US Bancorp sells the three Texas banks it will no longer have retail branches in the state. There will be no service disruptions for customers of the three banks while US Bancorp looks for a buyer.

Shares of US Bancorp fell 13 cents to $23.60 in morning trading.