Based on assets under management currently by private banks. U.S. Trust is fourth, and BofA is second. The combined entity would be first, with $261 billion in assets under management.

Bank of America will acquire U.S. Trust from The Charles Schwab Corporation for $3.3 billion in cash. Closing is expected on March 31, 2007. U.S. Trust was founded in 1853 with a mission to serve as manager, executor and trustee of personal and corporate funds. Today it has almost 2,100 employees based in 33 locations. It has approximately $94 billion of assets under management.

Source: Bank of America | Newsroom – Press Releases