The Bank Slate


U.S. Bancorp on pace to buy MUFG Union on Dec. 1

U.S. Bancorp in Minneapolis is on pace to buy MUFG Union Bank in San Francisco on Dec. 1.

The $601 billion-asset company said in a press release that it received a green light from the Japanese Financial Services Agency, completing all the approvals needed to complete the $8 billion acquisition.

The Federal Reserve, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. all recently approved the deal.

“We are looking forward to welcoming the customers and employees of MUFG Union Bank to U.S. Bank,” Andy Cecere, the company’s chairman, president and CEO, said in the release.

The acquisition was announced in September 2021.

U.S. Bancorp in May announced a five-year, $100 billion community benefits plan to help secure community groups’ support for the acquisition.

The conversion is expected to take place in the first half of 2023.

Leave a Reply

Your email address will not be published. Required fields are marked *