Tuesday, February 8, 2022

Fed, OCC to hold hearing on U.S. Bancorp-MUFG Union deal

The Federal Reserve and the Office of the Comptroller of the Currency will hold a public meeting to discuss U.S. Bancorp’s pending purchase of MUFG Union Bank. 

The Fed and OCC said in a press release Monday that they will host a virtual meeting on March 8 at 11 am EST. Members of the public seeking to present oral comments must register by noon on March 1 through the online registration webpage. 

Public meetings for acquisitions are rare, though they were held in 2019 as part of the merger of BB&T and SunTrust Banks that created Truist Financial. 

The Fed and OCC also said they had extended the public comment period for the merger’s applications, which will now be accepted through March 11. 

U.S. Bancorp in Minneapolis agreed to acquire MUFG Union Bank in San Francisco from Mitsubishi UFJ Financial Group for $8 billion of cash and stock. The deal would create a bank with nearly $700 billion of assets.

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