PORTLAND, Ore., June 6 -- U.S. Bancorp announced Thursday it has completed its $355 million acquisition of California Bancshares Inc., giving it 38 new branches in the East San Francisco Bay Area. It will convert the offices to U.S. Bank of California formats later this year and have 95 branches in the state.
'We are confident this addition to our California operations will allow us to more aggressively focus on this key state in our franchise region,' said Gerry B. Cameron, chairman and chief executive officer. 'Northern California offers us great opportunities for growth, and we are anxious to add our strong products and services to those already offered our new customers, especially in the areas of small business and investment management.' California Bancshares has $1.6 billion in assets and operates nine banks: Alameda First National, Community First National, Modesto Banking Co., Commercial Bank of Fremont, Lamorinda National Bank, Bank of San Ramon Valley, Westside Bank, Concord Commercial Bank and Bank of Milipitas. U.S. Bancorp, of Portland, Ore., is the 26th largest bank holding company in the nation with assets of approximately $33 billion. The company has over 600 branches and operates in Oregon, Washington, Idaho, Nevada and Utah.