U.S. Bancorp to Acquire Pacific Century Branches
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U.S. Bancorp, owner of Firstar Banks and U.S. Bank, agreed to buy 20 Pacific Century Financial Corp. branches in Southern California, including five in Orange County, for an undisclosed amount of cash.
U.S. Bancorp will gain $640 million in deposits, $570 million in loans and 300 employees, the company said.
Honolulu-based Pacific Century, owner of Bank of Hawaii, said in April that it planned to sell its California branches and most of its South Pacific and Asian holdings to focus on businesses in Hawaii.
Analysts had estimated that Pacific Century’s California business could fetch as much as $175 million.
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