Agencies Announce Public Meeting on Proposed U.S. Bancorp Acquisition of MUFG Union Bank, National Association; Public Comment Period Extended — 2022-02-07

The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by U.S. Bancorp, Minneapolis, Minnesota, to acquire MUFG Union Bank, National Association, San Francisco, California. The proposal includes the merger of Union Bank into U.S. Bank National Association, Cincinnati, Ohio. The purpose of the public meeting is to collect information from a wide range of stakeholders as the agencies evaluate the proposed applications. By law, the agencies are required to evaluate the convenience and needs of the communities to be served by the combined organization; the insured depository institutions’ performance under the Community Reinvestment Act; competition in the relevant markets; the effects of the proposal on the stability of the U.S.