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Strategy praised, but questions loom about cost of merger, effect on market
U.S. Bancorp's blockbuster merger deal with West One Bancorp may be a brilliant strategic move, but it cost U.S. Bank a pretty penny.
The merger also clouds the outlook for other local banks that might want to be acquired, and for out-of-state banks hunting prey in the Puget Sound.
Those are some early reactions from several local banking experts, as they mull the impact of the region's latest bank mega-merger.
When Portland-based U.S. Bank and Boise-based West One complete their merger, probably later this year, they'll create one of the nation's 30 largest bank holding companies, with $30 billion in assets, 670 branches in six states and the No. 1 deposit position in Oregon and Idaho.
MEGABANKS AT A GLANCE
U.S. BANCORP WEST ONE BANCORP
Total assets $21,439 $8,657 Total deposits $14,822 $6,871 Market capitalization $2,600 …