News Release 2022-128 | October 14, 2022
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today conditionally approved the merger of MUFG Union Bank, National Association, San Francisco, California, into U.S. Bank, National Association (U.S. Bank). The approval follows consideration of numerous public comments submitted in writing and expressed during a public meeting conducted on March 8, 2022, in conjunction with the Board of Governors of the Federal Reserve System.
Upon consummation of this transaction, U.S. Bank, National Association is expected to have $679.6 billion in total assets and $51.6 billion in capital. U.S. Bank has stated its commitments to provide convenient access to banking products and services to its communities, including to underbanked communities. The merger will afford existing customers of both U.S. Bank, National Association and MUFG Union Bank, National Association access to a larger and diversified footprint.
The OCC’s approval of U.S. Bank’s application is conditioned upon, among other things, U.S. Bank’s identification of its business lines and portfolios that could be sold quickly in the event of stress and a plan to effectuate that separability.
“In reaching this decision, the OCC carefully considered the effect of the U.S. Bank and MUFG Union Bank merger on communities, the banking industry, and the U.S. financial system,” said Acting Comptroller of the Currency Michael J. Hsu. “The OCC also took into account the important work initiated by our fellow regulators to evaluate and consider how best to ensure that large banks do not become the next class of too big to fail insitutions.”