U.S. Bancorp, MUFG Union Bank to sell 3 MUFG branches to HomeStreet Bank

Oct. 12, 2022 9:22 AM ETU.S. Bancorp (USB), HMST, MUFGBy: Mary Christine Joy, SA News Editor

U.S. Bancorp (NYSE:USB) and MUFG Union Bank have agreed to sell three legacy MUFG Union Bank branches in San Bernardino County, California, to HomeStreet Bank.
The divestiture is related to USB's proposed acquisition of the Mitsubishi UFJ Financial Group (NYSE:MUFG) unit's core regional banking franchise.
The sale relates to the branches located in 42138 Big Bear Boulevard, Big Bear Lake, California; 17123 Main Street, Hesperia, California; and 57500 29 Palms Highway, Yucca Valley, California.
The HomeStreet (NASDAQ:HMST) unit is set to assume ~$490M in deposits and purchase ~$22M in loans.
The acquisition will bring HomeStreet's total number of branches in Southern California to 20.
Also, the acquisition will increase the bank's customer base by ~16,000 customer relationships.
The sale is expected to close in Q1 2023.
USB shares were trading +0.52%, while MUFG shares were trading +0.23% pre-market.
Source: Press Release