|For immediate release|
The Federal Reserve Board today announced its approval of the notice of The Charles Schwab Corporation, San Francisco, California ("Schwab"), to become a bank holding company by acquiring U.S. Trust Corporation, New York, New York ("US Trust"), and its bank and nonbank subsidiaries, including United States Trust Company of New York, New York, New York.
The Board also announced that Schwab's election to become a financial holding company would become effective upon the consummation of Schwab's acquisition of US Trust.
Attached is the Board's Order relating to this action.
Order (65 KB PDF)
2000 Orders on banking applications