U.S. Bank to Buy BTIG for Up to $1 Billion in Trading Push (1)

U.S. Bancorp, the country’s largest regional bank, will acquire brokerage BTIG for as much as $1 billion as it looks to push deeper into investment banking and trading.

The deal has a target purchase price of $725 million with an extra $275 million cash consideration payable over three years if certain milestones are reached, the Minneapolis-based bank said in a Tuesday statement.

The acquisition, part of a flurry of merger activity for regional banks, cements a years-long partnership. U.S. Bancorp — which does business as U.S. Bank — has had a referral program with New York-based BTIG for ...