US Bancorp says merger with MUFG unit will take longer to close

U.S. Bancorp USB, +2.86% said Monday it no longer expects to close its $8 billion acquisition of the core regional banking franchise of MUFG Union Bank, N.A., as announced in September. The bank cited U.S regulatory approvals for the delay, but said it continues to “make significant progress in planning for closing and integration while awaiting regulatory approvals.” U.S. Bancorp now expects to close the deal in the second half of 2022. US Bacorp shares are up 1.9% on Tuesday. The stock has lost 12.4% of its value in 2022 compared to a drop of 14.7% by the S&P 500 SPX, +2.02%.