Star Tribune, May 9, 2022, US Bank announces $100 billion community plan in merger with MUFG
The company’s counterparts in developing the plan were the National Community Reinvestment Coalition, a Washington-based nonprofit organization that negotiates with banks on such agreements, and the California Reinvestment Coalition.
Jesse Van Tol, president of the National Community Reinvestment Coalition, said bank mergers can be detrimental to communities if the combined bank ends up doing less overall in the community than the two entities did on their own.
“With size and scale they ought to be able to do more for underserved communities and communities of color,” Van Tol said.
