U.S. Trust Corporation
Encyclopedia
United States Trust Corporation is an American bank holding company based in New York, NY. It is the oldest trust company
in the U.S., and provides personal wealth management to some of the wealthiest individuals and families.
for $3.3 billion cash. The deal closed in the second quarter of 2007.
Trust company
A trust company is a corporation, especially a commercial bank, organized to perform the fiduciary of trusts and agencies. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of...
in the U.S., and provides personal wealth management to some of the wealthiest individuals and families.
History
In 2000, the Charles Schwab Corporation purchased U.S. Trust for $2.73 billion. In 2001, less than a year after the acquisition of U.S. Trust, the U.S. Trust subsidiary was fined $10 million in a bank secrecy law case. It was ordered to pay $5 million to the New York State Banking Department and $5 million to the Federal Reserve Board. On November 20, 2006, Schwab announced an agreement to sell U.S. Trust to Bank of AmericaBank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
for $3.3 billion cash. The deal closed in the second quarter of 2007.