US Bank Receives All Required US Regulatory Approvals for MUFG Acquisition
OCT 17, 2022 - 7:07 am
U.S. Bank has received all required U.S. regulatory approvals to complete its previously announced acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group (MUFG), including approvals from the board of governors of the Federal Reserve System and the Office of the Comptroller of the Currency. In addition, 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,” Andy Cecere, chairman, president and CEO of U.S. Bank, said. “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 consumer customers and about 190,000 small business customers on the West Coast. The combination will improve U.S. Bank’s deposit position in California from 10th to fifth.
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, websites and mobile apps.
Renowned futurist Alvin Toffler wrote, “In the 21st century, illiteracy won’t result from an inability to read and write, but from a failure to learn, unlearn and relearn.” Leaders are challenged to build culture and enhance performance in a rapidly... read more
Matthew Green, managing director and group head, Equipment Finance at CIBC Bank USA, joined CIBC from J.P. Morgan at the end of 2021 with more than 20 years of leasing, lending and capital markets experience to launch the company’s equipment... read more