U.S. Bancorp and Mitsubishi UFJ Financial Group extended the outside termination date of the purchase agreement for U.S. Bank’s acquisition of MUFG from Sep. 30, 2022, to Dec. 31, 2022.

U.S. Bancorp and MUFG continue to plan for required regulatory approvals and closing in the second half of 2022 while continuing to make progress in planning for closing the transaction and integrating the companies while awaiting regulatory approvals. Following the transaction close, U.S. Bancorp will retain all of MUFG Union Bank’s front-line branch employees.

As part of the planned acquisition of MUFG Union Bank, U.S. Bancorp announced a five-year community benefits plan (CBP) in May 2022, developed in coordination with the National Community Reinvestment Coalition and the California Reinvestment Coalition. The CBP, totaling at least $100 billion, expands the work underway by U.S. Bancorp and MUFG Union Bank to build and support equitable access to capital for the communities that both organizations serve.