US Bancorp inks $8B deal to buy MUFG Union Bank


US Bancorp will acquire MUFG Union Bank in an $8 billion cash and stock deal. The deal will add some $90 billion worth of deposits and $58 billion in loans to US Bancorp's portfolio. "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," said Andy Cecere, US Bancorp chairman, president and CEO.

Full story:

CBA SmartBrief

Retail banking news

Designed specifically for the retail banking community, CBA SmartBrief is a FREE daily e-mail newsletter. It helps you stay up to date on such critical issues as federal regulation and policy, privacy, fair lending, and consumer protections.