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U.S. Bancorp, Mitsubishi UFJ Financial Group Extend Purchase Agreement

September 19, 2022, 08:00 AM
Filed Under: Banking News

U.S. Bancorp and Mitsubishi UFJ Financial Group (MUFG) have mutually agreed to exercise their right under the purchase agreement for U.S. Bank’s acquisition of MUFG Union Bank’s core regional banking franchise to extend the outside termination date from Sept. 30, 2022, to Dec. 31, 2022.

U.S. Bank and MUFG continue to plan for required regulatory approvals and closing in the second half of 2022 and continue to make significant progress in planning for closing the transaction and integrating the companies while awaiting regulatory approvals. U.S. Bank and MUFG remain committed to the acquisition and seeking regulatory approvals.

This transaction is a unique opportunity to create a stronger bank that will greatly benefit the customers, employees and communities of both institutions. By deepening and expanding U.S. Bank’s footprint, the transaction will enhance competition, and provide customers with greater access to industry-leading technology, products, and customer service. U.S. Bank is also committed to further enhancing both organizations’ excellent records of serving low-income communities and supporting minority-led institutions. Following the transaction close, U.S. Bank will retain all of MUFG Union Bank’s front-line branch employees.

As part of the planned acquisition of MUFG Union Bank, U.S. Bank announced in May 2022 a five-year community benefits plan (CBP), developed in coordination with the National Community Reinvestment Coalition and the California Reinvestment Coalition. The CBP, totaling at least $100 billion, expands the important work underway by U.S. Bank and MUFG Union Bank to build and support equitable access to capital for the communities that both organizations serve. The CBP builds on U.S. Bank’s previously announced U.S. Bank Access Commitment efforts and integrates existing community impact efforts from MUFG Union Bank.

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