February 07, 2022

Agencies announce public meeting on proposed U.S. Bancorp Acquisition of MUFG Union Bank, National Association; public comment period extended

Board of Governors of the Federal Reserve System

Office of the Comptroller of the Currency

For release at 2:00 p.m. EST

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. banking or financial system; the financial and managerial resources and future prospects of the companies and banks involved in the proposal; and the effectiveness of the companies and banks in combatting money laundering activities.

The public meeting will be held virtually on March 8, 2022, at 11:00 a.m. EST. Members of the public seeking to present oral comments must register by 12:00 p.m. EST on March 1, 2022, through the online registration webpage. Further information and requirements to present, as well as information to view the public meeting, are available in the attachment from the agencies.

Also today, the agencies announced that they are extending the public comment period for the applications to the Board and OCC that are associated with the proposal. Comments on the applications will now be accepted through March 11, 2022.