When banks combine these days, community groups push them to step up their investments in low- to moderate-income neighborhoods and communities of color.
That's what happened after U.S. Bancorp announced an $8 billion merger with MUFG Union Bank. Following months of meetings with community groups, chiefly in California where MUFG Union is based, the Minneapolis bank company on Monday announced a $100 billion community benefits plan for the five years after it completes the deal.
"We are grateful for the time 208 organizations took to participate in the listening sessions," U.S. Bancorp CEO Andy Cecere said in a statement. "Their insights and perspective were critical to helping us understand where we can improve financial outcomes for underserved communities."
