United States Trust Corporation is an American bank holding company based in New York, NY. It is the oldest trust company in the U.S., and provides personal wealth management to some of the wealthiest individuals and families.
In 2000, the Charles Schwab Corporation purchased U.S. Trust for $2.73 billion.[1] In 2001, less than a year after the acquisition of U.S. Trust, the U.S. Trust subsidiary was fined $10 million in a bank secrecy law case. It was ordered to pay $5 million to the New York State Banking Department and $5 million to the Federal Reserve Board.[2] On November 20, 2006, Schwab announced an agreement to sell U.S. Trust to Bank of America for $3.3 billion cash.[3] The deal closed in the second quarter of 2007.