U.S. Bancorp, parent company of U.S. Bank, has acquired MUFG Union Bank from Mitsubishi UFJ Financial Group.

With this acquisition, U.S. Bank looks to gain over 1 million consumer customers and approximately 190,000 small business customers on the west coast in addition to loans and deposits. For U.S. Bank, the deal also aims to improve their deposit position in California. In May 2022, U.S. Bank announced a five-year, $100 billion community benefits plans as part of the MUFG Union Bank acquisition that works to support the ability of low- and moderate- income communities and communities of color to access capital and build wealth. 60 percent of the commitments will support work in California.

“We are looking forward to welcoming the customers and employees of MUFG Union Bank to U.S. Bank,” comments U.S. Bank chairman, president and CEO Andy Cecere.