US financial services provider Rabobank, a subsidiary of Dutch-based banking consortium Rabobank Group, has acquired all deposits and certain assets and liabilities of US-based financial institutions Butte Community Bank and Pacific State Bank from the Federal Deposit Insurance Corporation.

Under the terms of the contract, the banks’ branches will be taken over by Rabobank and rebranded with the bank’s name and logo. The acquisition is set to contribute to the expansion of Rabobank’s banking operations in North America through the creation of a 120-branch retail banking franchise.

Rabobank intends to complete the system and franchise integration in 2011.