First Bank buys U.S. Bancorp

Topics | Business & Industry |
March 20, 1997
Bill Catlin - Reporter
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Minneapolis-based First Bank announced today it would acquire one of the largest and oldest banks in the Pacific Northwest, U.S. Bancorp, for about $9 billion dollars in stock. The new entity will be the 14th largest banking firm in the U.S., and will take the name U.S. Bancorp. Officials say some 4,000 positions will be eliminated, the majority in the Portland area. Analysts say the announcement has relatively little bad news for Minnesota. Minnesota Public Radio's Bill Catlin has more.

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