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U.S. Bancorp, Mitsubishi UFJ Financial Agree To Extend Purchase Agreement

U.S. Bancorp (USB) and Mitsubishi UFJ Financial Group or MUFG (MTU) on Friday have mutually agreed to exercise their right under the purchase agreement for U.S. Bank's acquisition of MUFG Union Bank's core regional banking franchise to extend the outside termination date to December 31, 2022 from September 30, 2022.

U.S. Bank and MUFG continue to plan for required regulatory approvals and closing in the second half of 2022 and continue to make significant progress in planning for closing the transaction and integrating the companies while awaiting regulatory approvals.

Following the transaction close, U.S. Bank will retain all of MUFG Union Bank's front-line branch employees.

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