Firstar Corp., Milwaukee, will merge with U.S. Bancorp through an exchange of shares valued at $21.2 billion. The combined entity will be known as U.S. Bancorp after the deal closes in the first quarter of 2001, and the corporate headquarters will be in Minneapolis. It will have total assets of $195 billion, $50 billion of which is in mutual funds, according to a statement.
Firstar manages $74 billion, about $24 billion of which is handled by its investment management subsidiary FIRMCO. Spokesman Steve Dale did not return phone calls regarding the fate of FIRMCO and Mississippi Valley Advisors, the other Firstar investment management subsidiary.
Calls to Wendy Raway, a spokeswoman for U.S. Bancorp, regarding the banks investment management activities also were not returned.