U.S. Bancorp Gets Ok For Purchase

The U.S. Federal Reserve approved U.S. Bancorp’s $730 million acquisition of brokerage Piper Jaffray Cos.

The vote was 6-0, with Fed Gov. Edward Gramlich absent and not voting.

The bank’s acquisition of the brokerage is intended to strengthen relations with its Midwestern customers by offering a broader range of financial services.

Both companies are based in Minneapolis.

In trading today, U.S. Bancorp shares fell 1-1/4 to 128-5/8. Piper Jaffray shares rose 3/16 to 37-1/4, a 52-week high.