The Minneapolis-based bank, U.S. Bancorp, recently announced that it is seeking to acquire the Federal Savings Bank division of State Farm. The State Farm Bank – which does not operate using traditional branches – has approximately $11.2 billion in deposits and $1.5 billion of credit card accounts. This marks the first acquisition for U.S. Bancorp in the deposits space since 2014. The acquisition is an attempt by U.S. Bancorp to expand its geographic scope and leverage State Farm’s extensive marketing network. Analysts estimate that the transaction could increase U.S. Bancorp’s 2021 Earnings Per Share (EPS) by approximately 2%.
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