U.S. Bancorp, Minneapolis, has entered into an agreement to acquire MUFG Union Bank, New York, bringing together a potential $23.1 billion in retirement plan assets.
Under the agreement, U.S. Bancorp will acquire MUFG from Mitsubishi UFJ Financial Group for about $8 billion, which includes $5.5 billion in cash and about 44 million shares of U.S. Bancorp common stock, according to a joint news release from the banks Tuesday.
The transaction is expected to close in the first half of 2022, the news release said. It did not disclose whether the banks have discussed how, or if, their respective retirement plans may be merged.
As of Dec. 31, U.S. Bancorp had $8.6 billion in defined contribution plan assets and $7.5 billion in defined benefit plan assets, according to the company's most recent 11-K and 10-K filings with the SEC, respectively.
As of Sept. 30, 2020, MUFG Americas Holdings Corp. had $4.5 billion in DB plan assets and $3 billion in DC plan assets, according to Pensions & Investments data.
U.S. Bancorp spokesman Jeffrey Shelman and MUFG Union Bank spokeswoman Eva Radtke could not be immediately reached for further information.