Wednesday, October 7, 2009

“U.S. Bank to Acquire the Bond Trustee Business from First Citizens ... - PR Inside” plus 4 more

“U.S. Bank to Acquire the Bond Trustee Business from First Citizens ... - PR Inside” plus 4 more

U.S. Bank to Acquire the Bond Trustee Business from First Citizens ... - PR Inside

Posted: 07 Oct 2009 06:06 AM PDT

2009-10-07 15:05:06 -

U.S. Bancorp (NYSE: USB) announced today that its lead bank, U.S. Bank National Association, has entered into a definitive agreement to purchase the bond trustee business of First Citizens Bank, a subsidiary of First Citizens BancShares, Inc. (NASDAQ: FCNCA) of Raleigh, N.C.

"This acquisition is consistent with U.S. Bank's ongoing commitment to continued strategic business investments in the current economic climate,"

said Diane Thormodsgard, vice chair of U.S. Bancorp Wealth Management & Securities Services. "This transaction complements the existing U.S. Bank bond trustee business in North Carolina, South Carolina and Virginia, and strengthens our competitive position as a leading national trustee for new municipal issuances. The U.S. Bank team will work closely with First Citizens Bank to ensure a seamless transition and is committed to providing our new customers with the same high level of quality services our current U.S. Bank bond trustee customers have come to expect."


Dick Payne, vice chair of U.S. Bancorp Corporate Banking, stated "This investment is indicative of U.S. Bank's commitment to the southeast market, as is the recent introduction of the U.S. Bank National Corporate Banking team and High Grade Fixed Income Group. Through our focus on customer service and the latest in financial technology, we continue to grow in this market, winning over individuals as well as companies both large and small."


Terms of the agreement are not being disclosed. Upon completion of this transaction, U.S. Bank's corporate trust division will have $2.4 trillion in assets under administration, 725,000 bondholders and more than 114,000 client issuances.

"After due consideration of the bank's strategic goals for the future, First Citizens made the decision to exit the bond trustee business to focus on strengths in other areas of our institutional business, including institutional asset management, qualified retirement plans, institutional custody, escrow and stock transfer," said Gene Lewis, First Citizens' senior vice president and manager of Institutional Advisory Services. "U.S. Bank has a strong, proven track record in this business and will continue to provide outstanding services to our bond trustee clients."


Currently, U.S. Bank has 46 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank serves as trustee and paying agent for the issuance of taxable and non-taxable securities, including the review of documents and indentures, registration and authentication of bonds, receipts and disbursement of bond sale proceeds, successor trusteeships, escrow account services and transfer and paying agency services. Also, U.S. Bank provides mortgage-backed and asset-backed securitizations, money market paying agency services, bond and tax administration, escrow services and document custody services.

U.S. Bancorp, with $266 billion in assets, is the parent company of U.S.

Bank, the 6th largest commercial bank in the United States. The company operates 2,850 banking offices and 5,173 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.

Forward-Looking Statements

The following information appears in accordance with the Private Securities Litigation Reform Act of 1995.

This press release contains forward-looking statements about U.S.
Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date made. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp.
Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. Global and domestic economies could fail to recover from the recent economic downturn or could experience another severe contraction, which could adversely affect our revenues and the values of our assets and liabilities. Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Stress in the commercial real estate markets, as well as a delay or failure of recovery in the residential real estate markets, could cause additional credit losses and deterioration in asset values. In addition, our business and financial performance could be impacted as the financial industry restructures in the current environment, by increased regulation of financial institutions or other effects of recently enacted legislation, and by changes in the competitive landscape. Our results could also be adversely affected by continued deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in our investment securities portfolio; legal and regulatory developments; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management's ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk.
Finally, there can be no assurance that we will realize the anticipated benefits of the acquisition of the bond trustee business of First Citizens Bank.

For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp's Annual Report on Form 10-K for the year ended December 31, 2008, on file with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Corporate Risk Profile," and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.

U.S. BankSteve Dale, Media, 612-303-0784orAmy Frantti,
Media, 612-303-0733orJudith Murphy, Investor Relations,
612-303-0783

Phibro Animal Health Corporation Divests Its Wood Preservative ... - Market Wire

Posted: 07 Oct 2009 06:06 AM PDT

SOURCE: Phibro Animal Health Corporation

RIDGEFIELD PARK, NJ--(Marketwire - October 7, 2009) - Phibro Animal Health Corporation ("PAHC" or the "Company") today announced the sale of its wood preservative business to Osmose, Inc. The Company operated the business as part of its Performance Products Group through its PhibroWood subsidiary, and sold its leading wood preservative product under the SUSTAIN® brand.

The sale included the assets used in the business, including patents, patent applications, trademarks and trade names, and certain manufacturing equipment and inventories. The transaction also included the settlement of certain ongoing intellectual property disputes between the parties.

"We want to recognize and thank our PhibroWood team who, through their contributions in the marketplace, in the laboratory and in manufacturing, played a significant part in the industry's embrace of next generation wood preservative products," commented Dani Bendheim, President of Performance Products.

About The Company

PAHC is a diversified global developer, manufacturer and marketer of a broad range of animal health and nutrition products to the poultry, swine, cattle and acquaculture markets. PAHC is also a manufacturer and marketer of performance products for the ethanol, and personal care industries. For more information, please visit www.pahc.com.

Osmose Acquires PhibroWood LLC's Wood Preservative Business - Earthtimes

Posted: 07 Oct 2009 06:06 AM PDT

 Share/Save/Bookmark


USD to dedicate new School of Business building - Sioux City Journal

Posted: 07 Oct 2009 05:52 AM PDT

VERMILLION, S.D. -- The University of South Dakota will dedicate its new School of Business building at 3:30 p.m. Friday.

The ceremony will take place inside the atrium of the building, which opened this fall. The building is located directly southeast of the Al Neuharth Media Center.

Construction on the $19.5 million facility began in the fall of 2008. The 69,000-square-foot building, home to the Beacon School of Business, contains state-of-the-art classrooms, conference rooms, faculty offices and laboratories. Additional features include a large auditorium for lectures, a research center and student and faculty interaction rooms.

Ciena bids $521M for Nortel business units - sign on sandiego.com

Posted: 07 Oct 2009 07:03 AM PDT

Related Terms: Toronto

This feature lets you search our site for stories with related terms.
Just click on one of the related terms atop a news story and you'll
get a page listing all the stories featuring that term.
See something amiss? Let us know at sosdnews@uniontrib.com

6:27 a.m. October 7, 2009

TORONTO — Ciena Corp. is offering cash and stock worth $521 million to acquire some of Nortel's most-prized remaining business units as the fallen telecommunications company continues to liquidate.

The deal announced Wednesday covers the Nortel Optical Networking and Carrier Ethernet businesses, which have been considered among the best assets yet to be sold by Nortel.

Nortel said its agreement with Ciena calls for the Linthicum, Md.-based company to offer jobs to at least 2,000 employees, or more than 85 percent of total at Nortel's Optical Networking and Carrier Ethernet business units.

However, there's no guarantee the deal will close as announced since Ciena's offer will be used as an opening bid for an auction by Nortel.

In previous auction of Nortel business units this year, the final prices have been substantially higher than the initial "stalking horse" bids.

In this case, Ciena is offering $390 million in cash and 10 million shares of Ciena common stock. The shares are currently worth about $131 million.

Nortel, a former telecommunications equipment giant that at one point accounted for one-third of the market value on the entire Toronto Stock Exchange, filed for bankruptcy protection in Canada and the U.S. in January.

The Toronto-based company has been selling its operations piece by piece.

Related Terms: Toronto

Posted by at

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)