Union Bank, with branches in Newhall and Valencia, has been acquired by U.S Bancorp. U.S. Bancorp announced Dec. 1 that it has completed the acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group, Inc.
The transaction will bring Union Bank branches across California, Washington and Oregon under the U.S. Bank umbrella.
“The acquisition of 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 has begun notifyng customers of conversion of their accounts to U.S. Bank accounts. Systems integration and account conversion is expected to be completed during 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.
The community benefits plan builds on U.S. Bank’s previously announced U.S. Bank Access Commitment efforts and integrates existing community impact efforts from Union Bank. A majority of the commitments, 60% of the total, will support efforts in California, the state most impacted by the acquisition. Commitments in the community benefits plan are subject to the successful completion of full systems and staffing conversions to a unified bank platform.
“Banks are the economic engines of our communities. As such, we can make meaningful and significant impacts in supporting the ability of low- and moderate-income (LMI) communities and communities of color to access capital and build wealth,” said Cecere.
Among the key goals of the community benefits plan:
— Access to Homeownership.
— Small Business Access to Capital and Technical Assistance.
— Community Development Lending and Investment.
— Philanthropy and Community Service.
— Branch Services in California.
— Environmental Stewardship and Commitment.
== Advancing a Diverse and Equitable Workforce.
U.S. Bancorp, with approximately 70,000 employees and $601 billion in assets as of Sept. 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services.