U.S. Bancorp (NYSE: USB) increases 1.57% to trade at $43.48 in early trading session on Monday as the firm releases that it has received all required regulatory approvals in the United States to complete the previously announced acquisition of MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group (NYSE: MUFG), including approvals from the Federal Reserve Board of Governors and the Office of the Comptroller of the Currency. The Federal Deposit Insurance Corporation approved MUFG Union Bank. The purchase is still subject to Japanese regulatory clearance.

The transaction is projected to conclude by the end of 2022, subject to the fulfillment of the closing conditions outlined in the banks’ agreement.

The chairman, president, and CEO of US Bank, Andy Cecere stated that they are thrilled to have acquired US regulatory approval. They think that this purchase is beneficial to consumers, communities served by MUFG Union Bank, and workers. It enables them to make investments to better serve their consumers and increase competition on the West Coast. They share many principles with MUFG Union Bank, and they welcome their staff and customers to the U.S. Bancorp family.

In addition to considerable loans and deposits, U.S. Bank will gain over 1 million devoted consumer clients and about 190,000 small business customers on the West Coast as a result of the transaction. The merger will boost US Bank’s deposit position in California from 10th to 5th.

As part of the MUFG Union Bank purchase, U.S. Bank unveiled a five-year, $100 billion community benefits plan in May that will help low- and moderate-income communities, as well as communities of color, access finance and grow wealth. Sixty percent of the overall contributions will go toward projects in California, the state most affected by the purchase.

Following the close, U.S. Bank will notify MUFG Union Bank customers of the conversion of their accounts. Customers will continue to be served by their individual branches, websites, and mobile applications until conversion.

This firm is predicted to announce quarterly earnings of $2.57 per share in its next report, representing a +35.3% year-over-year increase. Over the previous 30 days, the consensus EPS estimate for the quarter has been revised 1.7% higher to the present level.