U.S. Bank is expanding in the Chicago market by acquiring most of the operations of Charter One Bank for $315 million.
With the acquisition, U.S. Bank, the nation's fifth largest bank, will substantially increase its branch network and bank deposits in the region, ending up with 180 branches, and 4 percent of bank deposits.
That would make U.S. Bank the 7th- or 8th-largest player in the Chicago area.
"This is a tremendous opportunity for us in the Chicago market," said John Elmore, U.S. Bank's vice chairman of community banking. "It basically doubles the size of our branch distribution."
JP Morgan Chase and BMO Harris are the leading banks in Chicago, controlling about a third of the region's bank deposits between them.