8-K
US BANCORP \DE\ Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) 4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032 0000036104 false 0000036104 2024-09-12 2024-09-12 0000036104 us-gaap:CommonStockMember 2024-09-12 2024-09-12 0000036104 us-gaap:SeriesAPreferredStockMember 2024-09-12 2024-09-12 0000036104 us-gaap:SeriesBPreferredStockMember 2024-09-12 2024-09-12 0000036104 usb:SeriesKPreferredStockMember 2024-09-12 2024-09-12 0000036104 usb:SeriesLPreferredStockMember 2024-09-12 2024-09-12 0000036104 usb:SeriesMPreferredStockMember 2024-09-12 2024-09-12 0000036104 usb:SeriesOPreferredStockMember 2024-09-12 2024-09-12 0000036104 usb:SeriesCCSeniorFloatingMember 2024-09-12 2024-09-12 0000036104 usb:SeriesCCSeniorFixedToFloatingMember 2024-09-12 2024-09-12

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report: September 12, 2024

(Date of earliest event reported)

U.S. BANCORP

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

 

1-6880   41-0255900
(Commission file number)   (IRS Employer Identification No.)

 

800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices, including zip code)

(651) 466-3000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
symbol

  

Name of each exchange
on which registered

Common Stock, $.01 par value per share   USB   New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)   USB PrA   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)   USB PrH   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)   USB PrP   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series L Non-Cumulative Perpetual Preferred Stock, par value $1.00)   USB PrQ   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series M Non-Cumulative Perpetual Preferred Stock, par value $1.00)   USB PrR   New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock, par value $1.00)   USB PrS   New York Stock Exchange
Floating Rate Notes, Series CC (Senior), due May 21, 2028   USB/28   New York Stock Exchange
4.009% Fixed-to-Floating Rate Notes, Series CC (Senior), due May 21, 2032   USB/32   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

 

 

 

Item 8.01 Other Events.

On September 12, 2024, U.S. Bancorp (the “Company”) announced that its board of directors authorized a share repurchase program to repurchase up to $5 billion of the Company’s outstanding common stock, effective September 13, 2024. This share repurchase program replaces the Company’s existing share repurchase program announced on December 22, 2020, which is terminated effective on September 12, 2024.

The Company also announced that its board of directors increased the quarterly dividend on U.S. Bancorp common stock to $0.50 per common share for the dividend payable on October 15, 2024.

A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated into this Item 8.01 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

99.1   

Press release dated September 12, 2024.

104   

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

U.S. BANCORP

  By:   /s/ James L. Chosy
    James L. Chosy
   

Senior Executive Vice President and
General Counsel

Date: September 12, 2024

 

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