OCC Announces Conditional Approval of U.S. Bank, National Association – MUFG Union Bank, National Association Merger — 2022-10-14

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.