U.S. Bank has entered into an agreement to purchase MUFG Union Bank from Mitsubishi UFJ Financial Group for approximately $8 billion with $5.5 billion in cash and 44 million shares of U.S. Bancorp common stock. This purchase will help serve customers in California, Washington and Oregon and will contribute:
- 1 million consumer customers
- 190,000 small business customers
- $58 billion in loans
- $90 billion in deposits
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Meh. But these mergers are never good news for consumers. In this case, one fewer potential bonus.
Coincidence that MUFG just received a cease and desist order from the OCC?
https://www.bloomberg.com/news/articles/2021-09-20/mitsubishi-ufj-u-s-banking-unit-gets-cease-and-desist-from-occ
Who owns purepoint the useless online bank that no one uses after their cd rates fell to nothing
MUFG
Fucking union bank.
Interesting. With PNC suddenly eclipsing US Bank and moving into their territory, you'd think US Bank would be looking to expand more in the South and East for larger market share.
US Bank is more likely going east coast since there are banks on sale.
And US Bank has not entered PA for decades even their real predecessor FNB of Cincy is in OH.
Seems MUFG is only selling its retail banking business like HSBC, not whole bank.
Correct MUFG acquired Union Bank sometime back and now after failing to establish it dumping it sort of.
MUFG is small in US but worldwide they are a giant.
MUGF had a presence in California for over 50 years. It was Bank of Tokyo, then California First Bank, and bought Union Bank, which was a business-focused bank. It went downhill when they started poaching Wells Fargo executives.
Well, WF executives are not the best of the bunch. I mean, they're essentially thieves. No?
https://www.cnbc.com/2020/02/21/wells-fargo-to-pay-3-billion-in-setting-criminal-and-civil-investigations-into-its-fraudulent-sales-practices.html
I don't see any recent union bank bonuses that this would lock you out of at usbank for -- just this one business card: https://www.doctorofcredit.com/ca-or-wa-union-bank-business-rewards-visa-card-50000-point-bonus-worth-500/