Minneapolis-headquartered U.S. Bancorp will acquire the Chicago arm of RBS Citizens’ Charter One Bank franchise in a deal expected to close mid-year.

"This transaction will double our market share in Chicago, giving us a great opportunity to not only deepen existing customer relationships, but a chance to serve new customers with our extensive mix of products and services," John Elmore, vice chairman of community banking and branch delivery for U.S. Bank, said in a statement.

Under the terms of this transaction, U.S. Bank will acquire approximately $5.3 billion of deposits, $1.1 billion of loans, 94 branches and 800 employees for a deposit premium of approximately $315 million, or 6 percent. At close, U.S. Bank will have combined deposits of approximately $11.3 billion in Chicago. Approximately 35 percent of the $5.3 billion of acquired deposits are non-interest bearing and NOW accounts, 48 percent are money market and savings accounts and 17 percent are time deposits.

The Chicago branches will operate under the Charter One name until the transaction is completed.