U.S. Bancorp Completes Western Bancorp Buy

Dow Jones

U.S. Bancorp said Tuesday it completed its acquisition of Western Bancorp in Newport Beach for $1.04 billion in stock. The Minneapolis banking company said Western Bancorp branches should change their signs over to U.S. Bank signs and change computer systems in the first quarter.

Shares of U.S. Bancorp closed Tuesday at $37.63, up 6 cents a share on the New York Stock Exchange. Western Bancorp shares closed Monday in Nasdaq trading at $48.50 a share, up $1. Based on current share prices, the deal values Western Bancorp shares at about $48.92 a share.