US Bank to acquire West Coast banking chain for about $8B | KSTP.com

US Bank to acquire West Coast banking chain for about $8B

US Bank to acquire West Coast banking chain for about $8B Photo: U.S. Bank.

Rebecca Omastiak
Updated: September 21, 2021 03:26 PM
Created: September 21, 2021 03:17 PM

Minneapolis-based U.S. Bancorp is buying West Coast banking chain MUFG Union Bank.

The purchase agreement is about $8 billion, which includes $5.5 billion in cash and approximately 44 million shares of U.S. Bank common stock.

Additionally, MUFG Union Bank will hold a 2.9% minority stake in U.S. Bank.

U.S. Bank is set to acquire MUFG Union Bank from Mitsubishi UFJ Financial Group.

"The acquisition of MUFG Union Bank underscores our commitment to strengthen and grow our business on the West Coast, make investments to serve customers and local communities and enhance competition in the financial services industry," Andy Cecere, chairman, president and CEO of U.S. Bancorp, said in a statement. "We are also committed to maintaining both organizations' excellent records of serving low-income communities and supporting minority-led institutions."

The deal is expected to be completed in the first half of next year.


Copyright 2021 - KSTP-TV, LLC A Hubbard Broadcasting Company

Heavy police presence at Plymouth theater after shots fired reports

Walz's office responds to request for National Guard, State Patrol in Minneapolis

Friends and family remember woman riding mobility scooter killed in hit-and-run Monday

New Metro Transit bus station set to open along I-35W in Minneapolis

Community rallies together after charity Halloween decorations stolen in Woodbury