October 21, 2009 / 2:49 AM / 9 years ago

U.S. Bancorp looking at FBOP Corp -WSJ

NEW YORK, Oct 20 (Reuters) - U.S. Bancorp (USB.N) is eyeing FBOP Corp, an owner of eight banks that may be put up for sale by the Federal Deposit Insurance Corp (FDIC), the Wall Street Journal reported on Tuesday, citing people familiar with the situation.

U.S. Bancorp, which has been actively acquiring distressed bank assets this year, has been conducting due diligence on FBOP, which has about $18 billion in assets and 150 branches, the Journal reported.

According the report, bids were due on Tuesday but it was not known whether U.S. Bancorp had made a bid. The newspaper said the FDIC was taking bids for FBOP in case regulators decide its financial problems are insurmountable. (Reporting by Michael Erman; Editing by Valerie Lee)

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