U.S. Bancorp to buy MUFG Union Bank

Minneapolis-based U.S. Bancorp is paying about $8 billion in a cash and stock deal to acquire MUFG Union Bank, San Francisco. U.S. Bank is paying about $5.5 billion in cash for the core regional banking franchise from Japan’s Mitsubishi UFJ Financial Group. The deal, which is expected to close in the first half of 2022, does not include MUFG’s global corporate and investment bank or certain middle and back office functions. [Continue]

Charles Funk receives IBA’s Leach Award

Charles Funk, president and CEO of Iowa City-based MidWestOne Bank has received the Iowa Bankers Association’s 2021 James A. Leach Leadership Award. The award was presented to Funk on Sep. 21 at the association’s annual convention in Des Moines. Funk is “a natural leader” and “a champion of leadership,” stated one of several letters supporting his selection, this one penned by bank colleagues Bill Bywater, Sue Evans, Barb Finney, Soni Harney and Thais Winkleblack. [Continue]

Montana’s First Interstate nearly doubles with Great Western buy

Montana’s First Interstate BancSystem, Inc., will buy South Dakota’s Great Western Bancorp, Inc., in an all-stock deal worth $2 billion. Once the acquisition closes in 1Q 2022, First Interstate will be one of the region’s largest financial institutions, with more than $32 billion in assets and more than 300 branches across 14 states. [Continue]