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New Union Bank Survey Finds U.S. Small Business Owners are More Optimistic This Holiday Season

Despite ongoing concerns surrounding inflation, U.S. small business owners are optimistic about the future and feel prepared to adapt as needed to meet their customers’ needs. According to new research by Union Bank, a leading West Coast bank, small businesses that have prioritized digital technology capabilities and increased their social media presence since the start of the COVID-19 pandemic have seen their businesses grow.

U.S. Bancorp, MUFG Union Bank Announce Sale of Three California Branches to HomeStreet Bank

U.S. Bancorp and MUFG Union Bank, N.A. (“MUFG Union Bank”) announced that they have entered into a definitive agreement to sell three legacy MUFG Union Bank branches in San Bernardino County, California to HomeStreet Bank (“HomeStreet”). The divestiture of these branches, as directed by the Department of Justice, is related to U.S. Bancorp’s previously announced acquisition of MUFG Union Bank’s core regional banking franchise.

Summary of DOJ’s Letter of Agreement with U.S. Bancorp and MUFG Union Bank

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”). 

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