U.S. Bancorp Receives U.S. Regulatory Approval for Acquisition of MUFG Union Bank
October 14 2022 - 2:40PM
Business Wire
U.S. Bancorp (NYSE: USB) announced today that it has received
all required U.S. regulatory approvals to complete the previously
announced acquisition of MUFG Union Bank’s core regional banking
franchise from Mitsubishi UFJ Financial Group (NYSE: MUFG),
including approvals from the Board of Governors of the Federal
Reserve System and the Office of the Comptroller of the Currency.
MUFG Union Bank received approval from the Federal Deposit
Insurance Corporation. The transaction remains subject to approval
from Japanese regulators.
The acquisition is expected to close before the end of 2022,
subject to the satisfaction of closing conditions set forth in the
agreement between the banks.
“We are pleased to have received U.S. regulatory approval,” said
U.S. Bank chairman, president and CEO Andy Cecere. “We believe that
this acquisition is good for customers, good for the communities
that MUFG Union Bank has served and good for employees. It allows
us to make investments to serve customers and enhance competition
on the West Coast. We share many common values with MUFG Union Bank
and we look forward to having their employees and customers join
the U.S. Bancorp family.”
With the acquisition, U.S. Bank will gain more than 1 million
loyal consumer customers and about 190,000 small business customers
on the West Coast in addition to significant loans and deposits.
The combination will improve U.S. Bank’s deposit position in
California from 10th to 5th.
In May, U.S. Bank announced a five-year, $100 billion community
benefits plan as part of the MUFG Union Bank acquisition that will
support the ability of low- and moderate-income communities and
communities of color to access capital and build wealth. Sixty
percent of the total commitments will support work in California,
the state most impacted by the acquisition.
After closing, U.S. Bank will provide MUFG Union Bank customers
with information regarding the conversion of their accounts. Until
conversion, customers will continue to be served by their
respective branches, website and mobile apps.
About U.S. Bank
U.S. Bancorp, with approximately 70,000 employees and $601
billion in assets as of September 30, 2022, is the parent company
of U.S. Bank National Association. The Minneapolis-based company
serves millions of customers locally, nationally and globally
through a diversified mix of businesses: Consumer and Business
Banking; Payment Services; Corporate & Commercial Banking; and
Wealth Management and Investment Services. The company has been
recognized for its approach to digital innovation, social
responsibility, and customer service, including being named one of
the 2022 World’s Most Ethical Companies and Fortune’s most admired
superregional bank. Learn more at usbank.com/about.
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version on businesswire.com: https://www.businesswire.com/news/home/20221014005469/en/
Investor contact: George Andersen, U.S. Bancorp Investor
Relations george.andersen@usbank.com, 612.303.3620 Media contact:
Jeff Shelman, U.S. Bancorp Public Affairs and Communications
Jeffrey.shelman@usbank.com, 612.303.9933, @usbank_news
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