U.S. Bancorp Receives Approval from Federal Reserve Board of Governors for Additional Capital Distribution
November 12 2019 - 6:30PM
Business Wire
U.S. Bancorp (NYSE: USB) announced today that it has received
approval from the Federal Reserve Board of Governors for an
incremental share repurchase plan to be executed in conjunction
with its current share repurchase authorization.
As a result, the company’s board of directors has approved an
authorization, effective immediately, to repurchase up to $2.5
billion of its outstanding common stock, which is incremental to
its current authorization of up to $3 billion. The stock may be
repurchased in the open market or in privately negotiated
transactions through June 30, 2020. The acquired shares will be
held as treasury shares and may be reissued for various corporate
purposes.
“This capital distribution reflects our ability to prudently
manage capital as we respond to changes in the regulatory
landscape, while continuing to invest in our future,” said Andy
Cecere, chairman, president and CEO of U.S. Bancorp.
About U.S. Bank U.S. Bancorp, with 74,000 employees and
$488 billion in assets as of September 30, 2019, is the parent
company of U.S. Bank National Association, the fifth-largest
commercial bank in the United States. The Minneapolis-based bank
blends its relationship teams, branches and ATM network with mobile
and online tools that allow customers to bank how, when and where
they prefer. U.S. Bank is committed to serving its millions of
retail, business, wealth management, payment, commercial and
corporate, and investment services customers across the country and
around the world as a trusted financial partner, a commitment
recognized by the Ethisphere Institute naming the bank a 2019
World’s Most Ethical Company. Visit U.S. Bank at usbank.com or
follow on social media to stay up to date with company news.
Forward-looking statements The following information
appears in accordance with the Private Securities Litigation Reform
Act of 1995:
This press release contains forward-looking statements about
U.S. Bancorp. Statements that are not historical or current facts,
including statements about beliefs and expectations, are
forward-looking statements and are based on the information
available to, and assumptions and estimates made by, management as
of the date hereof. The forward-looking statements contained in
this press release include, among other things, anticipated U.S.
Bancorp capital distributions by share repurchases. There can be no
assurance that U.S. Bancorp will return this or any amount of
capital to its shareholders in the form of share repurchases in the
future.
Forward-looking statements involve inherent risks and
uncertainties, and important factors could cause actual results to
differ materially from those anticipated. Deterioration in general
business and economic conditions or turbulence in domestic or
global financial markets could adversely affect U.S. Bancorp’s
revenues and the values of its assets and liabilities, reduce the
availability of funding to certain financial institutions, lead to
a tightening of credit, and increase stock price volatility. Stress
in the commercial real estate markets, as well as a downturn in the
residential real estate markets, could cause credit losses and
deterioration in asset values. In addition, changes to statutes,
regulations, or regulatory policies or practices could affect U.S.
Bancorp in substantial and unpredictable ways. U.S. Bancorp’s
results could also be adversely affected by changes in interest
rates; deterioration in the credit quality of its loan portfolios
or in the value of the collateral securing those loans;
deterioration in the value of its investment securities; legal and
regulatory developments; litigation; increased competition from
both banks and non-banks; changes in the level of tariffs and other
trade policies of the United States and its global trading
partners; changes in customer behavior and preferences; breaches in
data security; failures to safeguard personal information; effects
of mergers and acquisitions and related integration; effects of
critical accounting policies and judgments; and management’s
ability to effectively manage credit risk, market risk, operational
risk, compliance risk, strategic risk, interest rate risk,
liquidity risk and reputational risk.
For discussion of these and other risks that may cause actual
results to differ from expectations, refer to U.S. Bancorp’s Annual
Report on Form 10-K for the year ended December 31, 2018, on file
with the Securities and Exchange Commission, including the sections
entitled “Corporate Risk Profile” and “Risk Factors” contained in
Exhibit 13, and all subsequent filings with the Securities and
Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934. In addition, factors other than
these risks also could adversely affect U.S. Bancorp’s results, and
the reader should not consider these risks to be a complete set of
all potential risks or uncertainties. Forward-looking statements
speak only as of the date hereof, and U.S. Bancorp undertakes no
obligation to update them in light of new information or future
events.
Source: U.S. Bancorp
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version on businesswire.com: https://www.businesswire.com/news/home/20191112006134/en/
Investor contact: Jennifer Thompson, U.S. Bancorp Investor
Relations jen.thompson@usbank.com, 612.303.0778, @usbank_news
Media contact: Rebekah Fawcett, U.S. Bancorp Public Affairs and
Communications rebekah.fawcett@usbank.com, 612.303.9986,
@usbank_news
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