US Bank NA will assume State Farm Bank FSB's existing deposit and credit card accounts.

The alliance is part of a broader strategy by State Farm Mutual Automobile Insurance Co. to exit banking operations. In addition to assuming State Farm Bank's existing deposit and credit card accounts, the two companies are exploring working together to provide State Farm customers with access to vehicle loans and business banking products.

The transition of deposit and credit card accounts is scheduled to begin after closing, subject to regulatory approval, later this year and into 2021.

Barclays Capital Inc. advised State Farm in connection with this transaction.

As of Dec. 31, 2019, State Farm Bank had total assets of $16.42 billion and total domestic deposits of $11.23 billion. The U.S. Bancorp unit had total assets of $486.00 billion at Dec. 31, 2019.