U.S. Bancorp announces redemption of all outstanding depositary shares representing interests in its Series I non-cumulative ...
March 04 2021 - 9:00AM
Business Wire
U.S. Bancorp announced today that it will redeem on April 15,
2021 all of its outstanding Series I Non-Cumulative Perpetual
Preferred Stock, par value $1.00 per share (the “Series I Preferred
Stock”), and the corresponding depositary shares, each representing
a 1/25th interest in a share of the Series I Preferred Stock (the
“Series I Depositary Shares”). The Series I Preferred Stock will be
redeemed at a redemption price per share equal to $25,000
(equivalent to $1,000 per Series I Depositary Share). Because the
redemption date is also a dividend payment date, the redemption
price does not include any declared and unpaid dividends. The
regular quarterly dividend for the full current quarterly dividend
period from, and including, January 15, 2021 to, but excluding,
April 15, 2021 will be paid separately in the customary manner on
April 15, 2021 to holders of record on March 31, 2021.
The Series I Depositary Shares (CUSIP No. 902973AY2) are held in
book-entry form through The Depository Trust Company (“DTC”) and
will be redeemed in accordance with the procedures of DTC. Upon
redemption, the Series I Preferred Stock and the Series I
Depositary Shares will no longer be outstanding and all rights with
respect to such stock and depositary shares will cease and
terminate, except the right to payment of the redemption price.
Payment to DTC will be made by U.S. Bank National Association,
U.S. Bancorp’s redemption agent for the Series I Depositary Shares.
Questions regarding redemption of the Series I Depositary Shares or
the procedures therefor may be referred to U.S. Bank National
Association at 111 Fillmore Avenue East, St. Paul, MN 55107-1402,
Attention: Corporate Trust Services, Telephone No.: (800)
934-6802.
This news release does not constitute a notice of redemption
under the certificate of designations governing the Series I
Preferred Stock or the deposit agreement governing the Series I
Depositary Shares and is qualified in its entirety by reference to
the notice of redemption issued by U.S. Bancorp.
About U.S. Bancorp
U.S. Bancorp, with nearly 70,000 employees and $554 billion in
assets as of December 31, 2020, 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 digital tools that allow
customers to bank when, where and how they prefer. U.S. Bank is
committed to serving its millions of retail, business, wealth
management, payment, commercial, corporate, and investment
customers across the country and around the world as a trusted and
responsible financial partner. This commitment continues to earn a
spot on the Ethisphere Institute’s World’s Most Ethical Companies
list and puts U.S. Bank in the top 5% of global companies assessed
on the CDP A List for climate change action. Visit usbank.com for
more.
Forward-looking statements
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995:
This news 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 news release include, among other things, the anticipated
redemption by U.S. Bancorp of the Series I Preferred Stock and the
corresponding Series I Depositary Shares. There can be no assurance
that U.S. Bancorp will complete the redemption.
These forward-looking statements cover, among other things,
anticipated future revenue and expenses and the future plans and
prospects of U.S. Bancorp. Forward-looking statements involve
inherent risks and uncertainties, and important factors could cause
actual results to differ materially from those anticipated. The
COVID-19 pandemic is adversely affecting U.S. Bancorp, its
customers, counterparties, employees, and third-party service
providers, and the ultimate extent of the impacts on its business,
financial position, results of operations, liquidity, and prospects
is uncertain. Continued 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. 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; further increases in unemployment 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; civil unrest; 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 reputation 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, 2020, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210304005015/en/
Investor contact: Jennifer Thompson, U.S. Bancorp Investor
Relations jen.thompson@usbank.com, 612.303.0778, @usbank_news Media
contact: Jeff Shelman, U.S. Bancorp Public Affairs and
Communications jeffrey.shelman@usbank.com, 612.422.1423,
@usbank_news
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