MUFG Union Bank

Corporate brand

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A former MUFG-owned American retail and commercial banking brand that was acquired by U.S. Bancorp in December 2022.

Last updated August 22, 2026

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Overview

MUFG Union Bank was an American national bank and the U.S. retail and commercial banking franchise associated with Mitsubishi UFJ Financial Group, one of Japan's largest financial groups. The institution traced its origins to Kaspare Cohn Commercial & Savings Bank, founded in Los Angeles in 1914. It was renamed Union Bank & Trust Company of Los Angeles in 1918 and subsequently developed into a regional banking organization serving individuals, businesses, and commercial clients. The bank's principal branch network was concentrated in the western United States. Before its acquisition, it operated 398 branches across California, Washington, and Oregon. Its business scope included consumer deposit accounts, lending, commercial banking, wealth-related services, and other conventional banking activities. In addition to its large West Coast retail footprint, the organization maintained commercial banking offices in Dallas, Houston, New York City, and Chicago, as well as two international offices. Its headquarters were in New York City. A significant phase in the bank's development occurred under Harry Volk, who joined as chief executive in 1957 after working at Prudential Insurance Company. Volk was associated with the adoption of a one-bank holding-company structure and other banking innovations. In 1979, the bank was purchased by London-based Standard Chartered Bank, and Volk retired in 1980. The franchise later became connected to Mitsubishi UFJ through a series of corporate transactions. Mitsubishi Bank and the Bank of Tokyo merged in May 1996, creating the institutional foundation for the later Bank of Tokyo-Mitsubishi UFJ and, ultimately, MUFG Bank. In August 2008, Mitsubishi UFJ offered to acquire the 35 percent of Union Bank that it did not already own. On November 4, 2008, Bank of Tokyo-Mitsubishi UFJ announced that it had completed the acquisition of all outstanding shares of UnionBanCal Corporation, the holding company associated with Union Bank. In 2014, MUFG integrated the U.S. operations of its Bank of Tokyo-Mitsubishi UFJ subsidiary with those of San Francisco-based Union Bank. The resulting organization operated within MUFG Americas Holdings Corporation and became part of the wider Mitsubishi UFJ Financial Group. In April 2018, Bank of Tokyo-Mitsubishi UFJ was renamed MUFG Bank, Ltd., further aligning the American franchise with MUFG's global naming architecture. MUFG Union Bank ceased to operate as an independent MUFG banking franchise after U.S. Bancorp acquired it in December 2022 for $8 billion. The transaction ended the brand's existence as an MUFG-controlled national bank and transferred its customer, branch, and banking operations into U.S. Bancorp's organization. Accordingly, MUFG Union Bank is best treated as a defunct or retired banking brand rather than an active standalone financial institution.

History

MUFG Union Bank originated in Los Angeles in 1914, when Kaspare Cohn founded Kaspare Cohn Commercial & Savings Bank. The institution adopted the name Union Bank & Trust Company of Los Angeles in 1918. Its early development reflected the growth of commercial and savings banking in Southern California, and it eventually became a broader regional banking organization. Harry Volk became chief executive in 1957 after being recruited from Prudential Insurance Company. During his leadership, the bank was associated with organizational and operational innovation, including the use of a one-bank holding-company structure. Volk remained in the leadership of the institution until his retirement in 1980. The bank had been purchased by London-based Standard Chartered Bank in 1979, marking an early transition from an independent American regional bank to a subsidiary of an international financial group. The institution's later history was shaped by the consolidation of Japanese banking groups. Mitsubishi Bank and the Bank of Tokyo merged in May 1996. The resulting organization eventually became Bank of Tokyo-Mitsubishi UFJ and later MUFG Bank. This corporate lineage connected Union Bank to the global Mitsubishi UFJ Financial Group. In August 2008, Mitsubishi UFJ offered to purchase the 35 percent of Union Bank that it did not already own. Union Bank accepted the offer. On November 4, 2008, Bank of Tokyo-Mitsubishi UFJ announced that it had successfully acquired all outstanding shares of UnionBanCal Corporation. The transaction completed the shift of the Union Bank franchise into MUFG's ownership structure. MUFG continued to consolidate its American operations. In 2014, it integrated the U.S. activities of its Bank of Tokyo-Mitsubishi UFJ subsidiary with those of San Francisco-based Union Bank. The resulting bank operated under MUFG Americas Holdings Corporation and served as part of Mitsubishi UFJ Financial Group's American platform. In April 2018, Bank of Tokyo-Mitsubishi UFJ changed its name to MUFG Bank, Ltd., bringing the operating-company name into line with the group's global brand. Before its sale, MUFG Union Bank was primarily a West Coast institution. It operated 398 branches in California, Washington, and Oregon, while also maintaining commercial branches in Dallas, Houston, New York City, and Chicago. The bank's business included retail banking, commercial banking, lending, deposits, and wealth-related services. It was headquartered in New York City and also maintained two international offices. The bank faced regulatory and legal scrutiny over money laundering. In October 2004, the Federal Reserve Board announced that Union Bank had entered into a written agreement related to avoiding criminal prosecution. In 2007, the bank agreed to pay $31.6 million in penalties and forfeitures to settle government claims tied to an alleged drug-money-laundering scheme involving Mexican exchange houses known as casas de cambio. The final major transition came in December 2022, when U.S. Bancorp acquired MUFG Union Bank for $8 billion. The acquisition ended the bank's status as an independent MUFG banking franchise and brought its operations into U.S. Bancorp. The former brand is therefore defunct as a standalone institution, although its historical branch network and banking operations became part of the acquiring bank.

2022
Acquired by U.S. Bancorp
[1]MUFG Union Banken.wikipedia.org
U.S. Bancorp purchased the bank for $8 billion, ending its existence as an MUFG-controlled standalone bank.
2018
Bank of Tokyo-Mitsubishi UFJ renamed MUFG Bank
[1]MUFG Union Banken.wikipedia.org
The group's principal Japanese banking subsidiary adopted the MUFG Bank name.
2014
U.S. operations integrated
[1]MUFG Union Banken.wikipedia.org
MUFG combined the American operations of its Bank of Tokyo-Mitsubishi UFJ subsidiary with Union Bank.
2008
Bank of Tokyo-Mitsubishi UFJ acquired UnionBanCal Corporation
[1]MUFG Union Banken.wikipedia.org
The acquisition transferred all outstanding shares of UnionBanCal Corporation to the MUFG group.
1996
Mitsubishi Bank and Bank of Tokyo merged
[1]MUFG Union Banken.wikipedia.org
The merger formed a major predecessor of the Japanese banking group that later owned Union Bank.
1979
Purchased by Standard Chartered Bank
[1]MUFG Union Banken.wikipedia.org
London-based Standard Chartered Bank acquired the bank.
1957
Harry Volk became chief executive
[1]MUFG Union Banken.wikipedia.org
Volk joined from Prudential Insurance Company and later became associated with banking-structure and operational innovations.
1918
Renamed Union Bank & Trust Company of Los Angeles
[1]MUFG Union Banken.wikipedia.org
The bank adopted the Union Bank name used in its subsequent development.
1914
Kaspare Cohn Commercial & Savings Bank founded
[1]MUFG Union Banken.wikipedia.org
Kaspare Cohn established the predecessor institution in Los Angeles.

Products and positioning

A regional American retail and commercial bank with a strong West Coast branch presence, operating under the ownership and international banking infrastructure of MUFG.

Consumer banking
Retail banking
MUFG Union Bank operated a large branch-based consumer banking business, particularly in California, Washington, and Oregon. Its retail franchise served individuals through conventional deposit, payment, borrowing, and other personal banking relationships.
Business banking
Commercial banking
The bank provided commercial banking services to businesses and institutional customers. Its commercial presence extended beyond the West Coast through offices in Dallas, Houston, New York City, and Chicago, supporting the wider U.S. corporate banking platform of MUFG.
Banking products
Deposits and lending
As a national bank, MUFG Union Bank offered core banking functions including deposit accounts and lending products for consumers and commercial customers. Specific product names and terms are not established in the supplied reference material.
Wealth services
Wealth management
Wealth-related banking and advisory services formed part of the broader service profile attributed to the brand. The available reference material does not provide enough detail to identify specific named programs or investment products.

Controversies

2007
Mexican exchange-house money-laundering settlement
Union Bank agreed to pay $31.6 million in penalties and forfeitures to resolve government claims that it had been involved in an elaborate drug-money-laundering scheme involving Mexican casas de cambio.
Source
2004
Federal Reserve money-laundering agreement
The Federal Reserve Board announced that Union Bank had entered into a written agreement connected with allegations and concerns involving money laundering. The agreement was described as intended to avoid criminal prosecution.
Source

2022
Sale to U.S. BancorpM&A
Background
MUFG decided to exit ownership of its U.S. retail and commercial banking franchise.
Action taken
U.S. Bancorp acquired MUFG Union Bank in December 2022.
Aftermath
The $8 billion acquisition ended MUFG Union Bank's status as a standalone MUFG-controlled bank and transferred its operations to U.S. Bancorp.
Acquisition price. $8 billion (December 2022)
Source
2018
Adoption of the MUFG Bank nameOther
Background
MUFG was standardizing the identity of its global banking operations.
Action taken
Bank of Tokyo-Mitsubishi UFJ was renamed MUFG Bank, Ltd.
Aftermath
The change aligned the U.S. banking organization with the group's MUFG naming system.
Source
2014
Integration of MUFG's U.S. banking operationsStrategy
Background
MUFG maintained separate American operations through Bank of Tokyo-Mitsubishi UFJ and Union Bank.
Action taken
The group integrated the U.S. operations of its Bank of Tokyo-Mitsubishi UFJ subsidiary with those of San Francisco-based Union Bank.
Aftermath
The integration created a more consolidated American banking platform operating through MUFG Americas Holdings Corporation.
Source
2008
MUFG pursued full ownership of Union BankM&A
Background
Mitsubishi UFJ already owned most of Union Bank and sought to acquire the remaining 35 percent.
Action taken
Mitsubishi UFJ offered to purchase the outstanding minority interest, and Bank of Tokyo-Mitsubishi UFJ subsequently completed the acquisition of all outstanding UnionBanCal Corporation shares.
Aftermath
The transaction placed the Union Bank franchise fully within the MUFG group and prepared it for later integration with MUFG's other U.S. operations.
Source

Recent events

2022
Union Bank was acquired by U.S. Bancorp[1]MUFG Union Banken.wikipedia.org
M&A · Other
U.S. Bancorp acquired MUFG Union Bank for $8 billion, ending the bank's operation as an MUFG-controlled institution.
2014
MUFG integrated its U.S. banking operations[1]MUFG Union Banken.wikipedia.org
M&A
MUFG integrated the U.S. operations of Bank of Tokyo-Mitsubishi UFJ with those of San Francisco-based Union Bank.
2008
MUFG completed the acquisition of UnionBanCal Corporation[1]MUFG Union Banken.wikipedia.org
M&A
Bank of Tokyo-Mitsubishi UFJ announced that it had acquired all outstanding shares of UnionBanCal Corporation, bringing the Union Bank franchise fully under the Mitsubishi UFJ group.

Sources6 sources

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