Branch business: US Bank, MUFG sell branches to HomeStreet
Plus: New branch for Mid Penn Bank and private client office for Signature Bank
- Written by Banking Exchange staff
US Bancorp and MUFG Union Bank have agreed to sell three branches to HomeStreet Bank, under the instruction of the US Department of Justice.
The branches are located in San Bernardino County, California, and between them account for approximately $490 million in deposits and $22 million in loans.
The divestiture is part of the ongoing work on US Bancorp’s planned $8 billion acquisition of MUFG, first announced in September last year, and the completion is dependent on the US Bank-MUFG deal being approved by regulators.
Mark Mason, chairman, president and CEO of HomeStreet, said his bank would retain all staff following completion of the transaction, which is expected early in 2023.
The move will grow HomeStreet’s branch network in southern California to 20 and bring approximately 16,000 new customers, Mason said.
Earlier this month, Mid Penn Bank was given the green light to open a new branch in Allentwon, Pennsylvania — the bank’s “first full-service financial center in the Lehigh Valley”, it said in a statement. The new branch opened on October 11 and offers traditional banking, wealth management, and insurance services, as well as hosting regional commercial lending and cash management teams.
New York-based Signature Bank opened a new private client banking office in Nevada this month, supported by two senior hires from Bank of the West.
Christopher Uboldi has joined as managing group director and senior vice president, while Andrew Backstrom is group director and senior vice president. Uboldi will lead the private client team while Backstrom will focus on growing its client base, Signature Bank said in a statement.
The bank added that it was “in the process of elevating operations” and planned to establish a new office in City of Industry, California, “to further support its growing businesses in the area and across the country”.
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