Low- to moderate-income communities and communities of color are adversely impacted when banks merge. That’s why when Minneapolis-based U.S. Bank agreed to acquire Union Bank in September 2021, CRC and 66 of its members and allies in California opposed the merger based on potential branch closures and staff layoffs, mortgage lending disparities, overdraft consumer fees, and decreased affordable housing lending and investment.
U.S. Bank currently has 469 branches in California — which accounts for roughly 20% of all of its total branches. Union Bank has 284 of its 305 Branches in California. Combined, this would become the fifth-largest bank in the state.
CRC sees a strong probability that U.S. Bank will close branches in California. The map below shows existing bank branches of U.S. Bank and Union Bank in Los Angeles County.