Mellon will sell small L.A. bank
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Saying it wants to concentrate on private banking for wealthy clients, Bank of New York Mellon Corp. has agreed to sell its Mellon 1st Business Bank of Los Angeles, a small commercial lender, to U.S. Bank.
U.S. Bank, part of U.S. Bancorp of Minneapolis, has been expanding in the western United States. In buying Mellon 1st Business Bank, U.S. Bank would acquire $1.1 billion in loans and assume $2.7 billion in deposits.
The transaction is expected to close by the end of June, subject to regulatory approvals, the banks said in announcing the deal. Terms of the deal weren’t released.
Mellon 1st Business Bank has seven full-service offices in Los Angeles, Orange and San Bernardino counties.
U.S. Bancorp also named Joseph M. Otting, vice chairman of its commercial banking group, as senior officer for West Coast operations.
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