U.S. Bancorp announced that it has completed the acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group, Inc.
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, the memo said.
“The acquisition of MUFG Union Bank underscores U.S. Bank’s commitment to creating economic opportunities for our customers and communities across the West Coast,” said Andy Cecere, chairman, president and chief executive officer of U.S. Bancorp. “The closing of this acquisition brings together two premier organizations and their teams who are focused on putting customers first.”
U.S. Bank 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 U.S. Bank’s five-year, $100 billion community benefits plan will begin.