U.S. Bancorp expects MUFG deal to close 45 days after regulatory approval

Executives at Minneapolis-based U.S. Bancorp expect the company's acquisition of San Francisco-based MUFG Union Bank NA to close about 45 days after U.S. regulators grant approval.

The targeted timing for closing the deal is still the first half of this year, with conversion expected late in the second half.

"We continue to believe this deal is a compelling use of our excess capital from both a strategic and financial perspective," CFO Terry Dolan said on the bank's first-quarter earnings call.

After closing, U.S. Bancorp expects its common equity tier 1 ratio to be in the 8.5% to 9% range, but that will depend on how rates move by then. That ratio is 9.8% currently.

The bank still expects to postpone its share repurchase until after the deal closes.

On March 8, the Federal Reserve and Office of the Comptroller of the Currency held a public meeting and received comments on the deal.