U.S. Bancorp (NYSE:USB) entered into a definitive agreement to acquire Debt Servicing and Securities Custody Services Client Portfolio of MUFG Union Bank, National Association on December 23, 2020. Under the terms of the agreement, U.S. Bank will acquire approximately 600 client relationships and $320 billion in assets under custody and administration. The deal is subject to regulatory approval and satisfaction of customary closing conditions. The transaction is expected to close in the first quarter of 2021. Ben Chung and Henry Fields of Morrison & Foerster LLP acted as legal advisor to MUFG Union Bank, National Association in the transaction. Peter Izanec of Jones Day acted as legal advisor to U.S. Bancorp.