Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

US BANCORP

(USB)
  Report
Delayed Nyse  -  04:00 2022-12-02 pm EST
45.64 USD   +0.64%
12/02LendingClub to Purchase $1.05 Billion Loan Portfolio
MT
12/02Fitch Upgrades MUFG Union Bank to 'AA-'/'F1+' Following Acquisition by U.S. Bancorp
AQ
12/01Us Bancorp De : Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Unregistered Sale of Equity Securities, Other Events, Financial Statements and Exhibits (form 8-K)
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

US Bancorp : Summary of DOJ's Letter of Agreement with U.S. Bancorp and MUFG Union Bank

10/01/2022 | 01:44am EST

On September 29, 2022, U.S. Bancorp ("U.S. Bank") and MUFG Union Bank, National Association ("Union Bank") (collectively, the "Parties") entered into a Letter of Agreement (the "LOA") with the Department of Justice Antitrust Division (the "DOJ") regarding U.S. Bancorp's acquisition of the core regional banking franchise of Union Bank (the "Acquisition"). This notice summarizes the terms of the LOA. Questions regarding the LOA may be directed to the below:

Phone: 612-303-9933 or email: jeffrey.shelman@usbank.com

The LOA requires that the Parties divest three Union Bank branches located in San Bernardino County, California and all associated deposits and loans (the "Divestiture Branches"): Big Bear (42138 Big Bear Boulevard, Big Bear Lake, CA); Hesperia (17123 Main Street, Hesperia, CA); and Yucca Valley (57500 29 Palms Highway, Yucca Valley, CA).

Under the LOA, the Parties may not exclude customer relationships from the Divestiture unless agreed with the DOJ. Additionally, the Parties must work to preserve the operation of the Divestiture Branches and not do anything to impede the operations or divestiture of the Divestiture Branches, including any action that would cause a decrease in the number of customers at the Divestiture Branches before the consummation of the Divestiture.

The Parties may not reacquire any of the Divestiture Branches for at least five years after the consummation of the Divestiture. If the Parties decide to close any U.S. Bank or Union Bank branch in San Bernardino County, California within three years of the close of the Acquisition, the Parties must provide the DOJ prior notice and endeavor to sell or lease any such branch to a commercial bank if they are able to so.

The Parties also made the following agreements respecting employees assigned to Divestiture Branches: (1) before the completion of the Divestiture, the Parties may not transfer away from any Divestiture Branch any branch manager, assistant branch manager, or loan officer, (2) the Parties may not dismiss any branch manager, assistant branch manager, or loan officer assigned to a Divestiture Branch except for cause after giving notice to the DOJ, (3) the Parties must provide information to help facilitate the transition of these employees to, including by not interfering with these employees' negotiations with, the Divestiture Buyer, and (4) the Parties must waive any existing non-compete for any Union Bank branch manager, assistant branch manager, or loan officer located in San Bernardino County, California and may not enter into any new non-compete with any Union Bank branch manager, assistant branch manager, or loan officer located in San Bernardino County for 180 days after the consummation of the Acquisition.

Disclaimer

U.S. Bancorp published this content on 30 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 October 2022 05:43:06 UTC.


ę Publicnow 2022
All news about US BANCORP
12/02LendingClub to Purchase $1.05 Billion Loan Portfolio
MT
12/02Fitch Upgrades MUFG Union Bank to 'AA-'/'F1+' Following Acquisition by U.S. Bancorp
AQ
12/01Us Bancorp De : Entry into a Material Definitive Agreement, Completion of Acquisition or D..
AQ
12/01U.S. Bancorp Updates Schedule for Earnings Conference Calls
BU
12/01MUFG completes sale of MUFG Union Bank, N.A. to U.S. Bancorp
PR
12/01Wolfe Research Downgrades U.S. Bancorp to Peer Perform From Outperform
MT
12/01U.S. Bancorp Completes Acquisition of Union Bank
BU
12/01U.S. Bancorp completed the acquisition of MUFG Union Bank, National Association from MU..
CI
11/30U.S. Bancorp to speak at the Goldman Sachs U.S. Financial Services Conference
BU
11/29Investor Alert : Edelson Lechtzin LLP is Investigating Claims on Behalf of Investors of U...
AQ
More news
Analyst Recommendations on US BANCORP
More recommendations
Financials (USD)
Sales 2022 24 419 M - -
Net income 2022 5 911 M - -
Net Debt 2022 - - -
P/E ratio 2022 11,4x
Yield 2022 4,12%
Capitalization 69 840 M 69 840 M -
Capi. / Sales 2022 2,86x
Capi. / Sales 2023 2,42x
Nbr of Employees 68 796
Free-Float 68,4%
Chart US BANCORP
Duration : Period :
US Bancorp Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends US BANCORP
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 45,64 $
Average target price 52,38 $
Spread / Average Target 14,8%
EPS Revisions
Managers and Directors
Andrew J. Cecere Chairman, President & Chief Executive Officer
Terrance R. Dolan Chief Financial Officer & Vice Chairman
Jeffry H. von Gillern Vice Chairman-Technology & Operations Services
Dilip Venkatachari EVP, Global Chief Information & Technology Officer
Katherine B. Quinn Vice Chairman & Chief Administrative Officer
Sector and Competitors
1st jan.Capi. (M$)
US BANCORP-19.26%69 840
JPMORGAN CHASE & CO.-13.96%396 452
BANK OF AMERICA CORPORATION-18.90%289 449
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED-13.18%205 449
WELLS FARGO & COMPANY-4.25%175 054
CHINA CONSTRUCTION BANK CORPORATION-13.70%151 407