MINNEAPOLIS 鈥 U.S. Bancorp (NYSE: USB) today announced that it has completed the acquisition of MUFG Union Bank鈥檚 core regional banking franchise from Mitsubishi UFJ Financial Group, Inc. (NYSE: MUFG). The transaction brings together two premier organizations to serve customers and communities across California, Washington, and Oregon and support a dedicated workforce across the West Coast. Customers will benefit from an expanded branch network, greater access to digital banking tools, and increased choice.
鈥淭he acquisition of MUFG Union Bank underscores 黄色短视频鈥檚 commitment to creating economic opportunities for our customers and communities across the West Coast,鈥 said Andy Cecere, chairman, president and chief executive officer of U.S. Bancorp. 鈥淭he closing of this acquisition brings together two premier organizations and their teams who are focused on putting customers first.鈥
黄色短视频 will provide MUFG Union Bank customers with information regarding the conversion of their accounts in the coming weeks. Until conversion of MUFG Union Bank systems and accounts, customers will continue to be served by their respective branches, website and mobile apps. Systems integration and account conversion is expected to occur in the first half of 2023.
Additionally, once customer conversion has occurred, implementation of 黄色短视频鈥檚 five-year, $100 billion community benefits plan will begin.
About 黄色短视频
U.S. Bancorp, with approximately 70,000 employees and $601 billion in assets as of September 30, 2022, is the parent company of 黄色短视频 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鈥檚 Most Ethical Companies and Fortune鈥檚 most admired superregional bank. Learn more at usbank.com/about.
鈥淪afe Harbor鈥 Statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements often use words such as 鈥渁nticipates,鈥 鈥渢argets,鈥 鈥渆xpects,鈥 鈥渉opes,鈥 鈥渆stimates,鈥 鈥減rojects,鈥 鈥渇orecasts,鈥 鈥渋ntends,鈥 鈥減lans,鈥 鈥済oals,鈥 鈥渂elieves,鈥 鈥渃ontinue鈥 and other similar expressions or future or conditional verbs such as 鈥渨ill,鈥 鈥渕ay,鈥 鈥渕ight,鈥 鈥渟hould,鈥 鈥渨ould鈥 and 鈥渃ould.鈥
Forward-looking statements involve inherent risks and uncertainties, including the following risks and uncertainties and the risks and uncertainties more fully discussed in the section entitled 鈥淩isk Factors鈥 of Exhibit 13 to U.S. Bancorp鈥檚 Annual Report on Form 10-K for the year ended December 31, 2021, which could cause actual results to differ materially from those anticipated. Deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect U.S. Bancorp鈥檚 revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility. In addition, changes to statutes, regulations, or regulatory policies or practices could affect U.S. Bancorp in substantial and unpredictable ways. U.S. Bancorp鈥檚 results could also be adversely affected by changes in interest rates; the impacts of the COVID-19 pandemic on its business, financial position, results of operations, liquidity and prospects; increases in unemployment rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of its investment securities; legal and regulatory developments; litigation; increased competition from both banks and non-banks; civil unrest; the effects of climate change; changes in customer behavior and preferences; breaches in data security, including as a result of work-from-home arrangements; failures to safeguard personal information; the impacts of international hostilities or geopolitical events; impacts of supply chain disruptions and rising inflation; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management鈥檚 ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputation risk. In addition, U.S. Bancorp鈥檚 acquisition of MUFG Union Bank presents risks and uncertainties, including, among others: the risk that the cost savings, any revenue synergies and other anticipated benefits of the acquisition may not be realized or may take longer than anticipated to be realized; the possibility that the combination of MUFG Union Bank with U.S.聽Bancorp, including the integration of MUFG Union Bank, may be more costly or difficult to complete than anticipated or have unanticipated adverse results; and there can be no assurance that the community benefits plan will achieve the results or outcome expected or anticipated by U.S. Bancorp.
For discussion of these and other risks that may cause actual results to differ from those described in forward-looking statements, refer to U.S. Bancorp鈥檚 Annual Report on Form 10-K for the year ended December 31, 2021, on file with the Securities and Exchange Commission, including the sections entitled 鈥淐orporate Risk Profile鈥 and 鈥淩isk Factors鈥 contained in Exhibit 13, and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. In addition, factors other than these risks also could adversely affect U.S. Bancorp鈥檚 results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
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
Press contact information, latest news and more
Company facts, history, leadership and more
Explore job opportunities based on your skills and location