U.S. Bancorp announced Monday it has agreed to purchase Bank of America Corp.’s securitization trust administration business.  

With around $100 million of annual revenue and deposits of $10 billion, the acquisition would fit into U.S. Bancorp’s years-long effort to build its corporate trust business. The selling price is “up to” $35 million, the company said, and would result in merger-related expenses of $35 million to $45 million. U.S. Bancorp said the purchase would boost earnings by 2012 and  give the company a 30% stake of the overall structured finance trust market.

U.S. Bancorp, of Minneapolis, has regularly praised its corporate trust department for providing stable revenues and increasing efficiencies of scale. The deal also fits into Bank of America’s recent pattern of shedding assets, such as recent partial sales of its stake in Blackrock Inc. and overseas banks.

The transaction, subject to regulatory approval, is expected to close in December.

Reflecting current concerns about securitized mortgage documentation flaws, U.S. Bancorp’s announcement prominently notes that the agreement “includes standard indemnifications and representations” and only includes securitizations “that provide standard protections to the trustee.”

Any problems related to past documentation errors would be Bank of America’s responsibility, said Brian Calder, president of U.S. Bancorp’s corporate trust services division.

The purchase price assumes that the vast majority of the securitization deals currently under Bank of America’s management transfer over to U.S. Bancorp, Calder said, adding that this has been the case for similar purchases in the past.

“We have voiced our excitement over this business in the past, and we’ve had significant acquisition experience on this sort of business,” Calder said.