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U.S. Bancorp to Buy MUFG Union Bank for About $8 Billion

Original source (on modern site)

U.S. Bancorp said it agreed to buy MUFG Union Bank's core retail banking operations in an $8 billion cash-and-stock deal meant to boost the Minneapolis-based bank's presence on the West Coast.

The deal, if completed, would give U.S. Bank about $664 billion in assets and solidify its status as the fifth-largest retail bank in the country. U.S. Bank said the acquisition would give it the scale to compete with the largest consumer banks in California, including in the lucrative markets of Los Angeles, San Diego and the San Francisco Bay Area.

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