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Sep 30, 2022 · 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”).
Sep 20, 2024 · The FDIC will apply enhanced scrutiny to transactions resulting in a bank with over $100 billion in assets, while the OCC will apply enhanced scrutiny to transactions where the acquirer is a global systemically important bank (G-SIB) (or a subsidiary thereof), the resulting institution will have $50 billion or more in assets, or where merger parties are similarly sized (i.e., merger of equals).
Oct 14, 2022 · bank acquisitions by bank holding companies, the Board also must consider the concentration of deposits as a percentage of the total deposits controlled by insured depository institutions in the United States and in relevant individual states, as well as compliance with the other provisions of section 3(d) of the BHC Act. 14. 12 See 12 U.S.C ...
Bank Merger Process Mergers and acquisitions (M&As) involving banks—or, more technically, insured depository institutions (IDIs), as there are a number of different types of banks—must comply with a number of statutory requirements. These vary based on the type of bank but are broadly similar. Bank M&As need approval by one or several of the
Sep 23, 2024 · While under the 1995 Bank Merger Guidelines the DOJ still “ultimately” applied its general merger guidelines (at the time, the 1992 Horizontal Merger Guidelines) to bank mergers, [1] the DOJ’s latest announcement makes clear that the 2023 Guidelines will be the sole framework that the DOJ applies to banking sector transactions. The Federal Reserve, OCC and FDIC have not formally stated ...
Oct 14, 2022 · The Office of the Comptroller of the Currency (OCC) today conditionally approved the merger of MUFG Union Bank, National Association, San Francisco, California, into U.S. Bank, National Association (U.S. Bank).
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Jul 9, 2021 · President Joe Biden's planned executive order to promote greater U.S. competition will target bank mergers by pushing the Federal Reserve and the Department of Justice to update merger guidelines ...
