Brief: U.S. Bank buys Bank of Commerce

Bank of Commerce is the largest Small Business Association lender in California and has loan production operations in Las Vegas, Reno and in nine other states.

Bank of Commerce had $638 million in assets at the end of 1998 and 10 branches in San Diego and Orange Counties, the banks said.

"U.S. Bancorp's resources will strengthen Bank of Commerce's ability to help small businesses succeed and thereby expand our relationships with small businesses," said John F. Grundhofer, chairman, president and chief executive of U.S. Bancorp.

Bank of Commerce decided to look for a partner last year after its rival, The Money Store Inc., was bought by First Union Corp.

U.S. Bancorp has $76 billion in assets and more than 1,000 banking offices, including branches in Nevada.

It also owns the Piper Jaffray brokerage business.

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