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usbancorp U.S. Bancorp to Acquire MUFG Union Bank September 21 , 2021 Enhances U.S. Bank's existing West Coast franchise U.S. Bank to leverage existing platforms and best - in - class technologies and products to serve MUFG Union Bank customers and efficiently integrate the franchise All MUFG Union Bank front - line branch employees will be retained MINNEAPOLIS & NEW YORK -- ( BUSINESS WIRE ) -- Sep . 21 , 2021-- U.S. Bancorp ( NYSE : USB ) today announced that it has entered into a definitive agreement to acquire MUFG Union Bank's core regional banking franchise from Mitsubishi UFJ Financial Group ( NYSE : MUFG ) in a transaction that will bring together two premier organizations with a focus on being the leader in serving customers and communities in California , Washington and Oregon . Under the terms of the agreement , U.S , Bancorp will purchase MUFG Union Bank for approximately $ 8 billion , including $ 5.5 billion in cash and approximately 44 million shares of U.S. Bancorp common stock.¹ Upon close of the transaction , MUFG will hold a minority stake of approximately 2.9 % in U.S. Bancorp . The transaction excludes the purchase of MUFG Union Bank's Global Corporate & Investment Bank , certain middle and back office functions , and other assets . With the acquisition , U.S. Bank will gain more than 1 million loyal consumer customers and about 190,000 small business customers on the West Coast in addition to approximately $ 58 billion in loans and $ 90 billion in deposits based on MUFG Union Bank's J une 30 , 2021 balance sheet . The combination will improve U.S. Bank's deposit position in California from 10th to 5th and will significantly increase its customer base in California . This increased scale will make the U.S. Bank brand a stronger player in these markets , which will increase competition with California's three largest banks . This will provide benefits for both customers and the communities served by the combined organization through improved technology , products and customer choice . " 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 . With MUFG Union Bank , we will increase access to state - of - the - art financial products while maintaining U.S. Bank's strong track record of putting its customers and communities first . We are also committed to maintaining both organizations ' excellent records of serving low - income communities and supporting minority - led institutions , " said Andy Cecere , chairman , president and chief executive officer of U.S. Bancorp . " We have a great deal of respect for the MUFG Union Bank team and share customer - centric and relationship - based strategies and cultures based on integrity . We look forward to welcoming MUFG Union Bank to the U.S. Bancorp family . " ' We are very pleased to have reached this agreement which will allow MUFG to focus and increase our resources on accelerating growth in our Americas wholesale businesses - specifically our corporate and investment banking , global markets , Japanese corporate banking and transaction banking businesses , " said Kevin Cronin , MUFG Regional Executive for the Americas and CEO of MUFG Americas Holdings Corporation and MUFG Union Bank , N.A. Enhances U.S. Bank's ability to serve customers The acquisition of MUFG Union Bank will provide U.S. Bank with the ability to better serve customers of both organizations . U.S. Bank continues to invest in innovative technology that meets customer needs and helps them interact with their financial institution how , when and where they want . Accelerated by the COVID - 19 pandemic , 80 percent of U.S. Bank transactions are now being done digitally , a trend the bank expects will continue . These industry - leading digital tools allow customers to bank anywhere and however they choose in a way that is safe , simple and convenient . The U.S. Bank mobile app was recently named No. 1 among all U.S. financial institutions , in addition to having a 4.8 App Store rating . U.S. Bank also was top - rated overall for all mobile banking ( mobile app combined with mobile web ) . U.S. Bank will bring these industry - leading technologies , which offer superior functionality and breadth of service , to MUFG Union Bank customers . The combination will help meet the evolving needs of customers of both MUFG Union Bank and U.S. Bank by providing greater access to digital banking tools and by providing an expanded branch network . These enhancements will improve customer choice and , as a result , create a stronger banking competitor across the West Coast . Demonstrates further commitment to local communities U.S. Bank is committed to staying in every market that MUFG Union Bank currently serves in California , Washington and Oregon . Although banking is increasingly being done online , U.S. Bank strongly believes the future of banking includes a combination of the digital and physical world - both do - it yourself and do - it - together . Customers appreciate the opportunity to visit their local branch or engage with professionals with in their local communities to have a meaningful conversation about their financial goals , future and aspirations . The combination also will enhance U.S. Bank's ability to commit to , invest in and serve low and moderate - income communities and minority - led institutions . Importantly , U.S. Bank already proudly invests in its communities , and in 2020 invested $ 67 million in corporate contributions and foundation giving , including $ 30 million to support COVID - 19 relief and recovery efforts . In addition , U.S. Bank made $ 116 million in annual , incremental investments to address racial and economic inequalities ; spent more than $ 560 million with diverse suppliers ; our employees donated $ 12 million through the employee giving campaign ; and the bank provided $ 6.2 billion in capital to revitalize communities , including Paycheck Protection Program ( PPP ) loans .