U.S. Bancorp entered into a definitive agreement to acquire MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group. Under the terms of the agreement, U.S. Bancorp will purchase MUFG Union Bank for approximately $8 billion.
Andy Cecere, currently president and chief operating officer, will succeed Richard Davis as CEO of U.S. Bancorp on April 18, 2017, the date of the bank’s annual meeting of shareholders.
U.S. Bancorp reported Q1/16 earnings of $1.39 billion compared with $1.43 billion a year earlier. The bank noted the decrease was partially due to a 25% increase in loss provisions driven by energy-related commercial loans.
U.S. Bancorp reported 2015 full year net income of $5,879 million, which was a record compared to $5,851 million a year earlier. The bank noted the continued stability in its net interest margin of 3.06% and 3.05% in Q4/15 and full year, respectively.
U.S. Bancorp reported Q3/15 earnings of $1,489 million was up from $1,471 million a year earlier. The bank’s Q3/15 EPS of $0.81 met analysts’ expectations and was a record achievement.
U.S. Bancorp reported Q2/15 net income of $1,483 million compared with $1,495 million in Q2/14. Earnings per share of $0.80 met the expectations of analysts polled by Thomson Reuters.
Bloomberg reported Wells Fargo and TD Bank are exploring offers for a batch of U.S. commercial-lending businesses General Electric Co. is selling as it whittles down its finance arm.
U.S. Bancorp reported Q1/15 net income of $1,431 million was up 2.4% from $1,397 million a year earlier driven by earning asset growth. The bank also noted its Q1 net interest margin of 3.08% was down from 3.35% a year earlier.
U.S. Bancorp reported Q4/14 net income of $1.49 million or $.79 EPS beating analysts’ expectations of $0.77 EPS. The bank also said full year net income was a record $5.85 billion.