Jan. 06--U.S. Bank, a relatively small player in the Chicago market, is expected to announce a deal soon to buy the Chicago-area branches of Charter One, according to a person familiar with the matter.
U.S. Bank currently has about 90 branches in the Chicago area, and Charter One, which is part of Royal Bank of Scotland, has more than 100. U.S. Bank is the 12th largest in the region, and Charter One is the 13th largest deposit gatherer.
Combined, the pair will have market share of 3.67 percent, which would elevate it to No. 8, after Fifth Third Bank. The local combination of U.S. Bank and Charter One would surpass PNC Bank, PrivateBank, MB Financial and First Midwest.
In November, Bloomberg News reported that U.S. Bank was the top contender to buy the Chicago-area branches.
email@example.com -- Twitter: @beckyyerak