U.S. Bank Temporarily Halts Share Buyback Program
March 15 2020 - 8:55PM
Business Wire
U.S. Bancorp announced today that it will temporarily suspend its
share buyback program for the remaining period of the first quarter
and second quarter of 2020.
The COVID-19 pandemic is an unprecedented challenge for
customers, employees and the global economy. This action is being
taken to support the efforts that the Federal Reserve is taking to
moderate the impact of COVID-19 on the economy and global markets
by maintaining strong capital levels and liquidity to support
customers, employees and shareholders.
U.S. Bancorp has the ability to reinstate the buyback program as
circumstances warrant. It has consistently passed the Federal
Reserve’s annual stress tests, demonstrating an ability – along
with the banking industry – to continue lending and supporting the
economy even during a severe economic downturn.
About U.S. Bancorp
U.S. Bancorp, with more than 70,000 employees and $495 billion
in assets as of December 31, 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 one of the 2020 World’s Most
Ethical Companies. Visit U.S. Bank at www.usbank.com or follow on
social media to stay up to date with company news.
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version on businesswire.com: https://www.businesswire.com/news/home/20200315005059/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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