U.S. Bank NA, the second-largest municipal bond trustee bank, plans to bolster its business in Virginia and the Carolinas by purchasing the bond trustee business of Raleigh-based First Citizens Bank.

The bank announced the purchase agreement last week but did not disclose its terms. A subsidiary of Minneapolis-based U.S. Bancorp, U.S. Bank said the acquisition will expand its corporate trust division to $2.4 trillion of assets that it administers for 725,000 bondholders and more than 114,000 client issuances.

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