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U.S. Bancorp Joins Finance Merger Wave With $8 Billion Deal (1)

Sept. 21, 2021, 3:57 PM

U.S. Bancorp ended years of speculation with its $8 billion acquisition of MUFG Union Bank NA, joining the wave of consolidation sweeping U.S. regional banks.

“We’ve all kind of waited a decade for it,” R. Scott Siefers, an analyst at Piper Sandler, said on a conference call with company executives after the deal was announced Tuesday.

The takeover leaves Fifth Third Bancorp as the last of the five largest regional banks by assets yet to land a significant acquisition in the past two years.

Lenders including U.S. Bancorp and PNC Financial Services Group Inc. are bulking up through ...