U.S. Bancorp - USB STOCK NEWS

The U.S. Bank Freight Payment Index reports continued contraction in truck freight shipments and spending during Q3, though at a slower pace. Shipments decreased 1.9% quarter-over-quarter, marking the ninth consecutive quarterly decline, while spending dropped 1.4%. Regional variations were significant, with the West showing growth (shipments +1.1%, spending +4.4%) while the Southeast declined (shipments -3.0%, spending -3.3%). The Southwest experienced the largest quarterly volume decline at -7.2%. Year-over-year, both national shipments and spending were down approximately 21%.

U.S. Bancorp announced key leadership and structural changes to its payments business. CFO John Stern will now report directly to CEO Andy Cecere. The Payment Services business will be reorganized into two divisions: Payments: Merchant and Institutional (PMI) and Payments: Consumer and Small Business (PCS). Mark Runkel will lead the PMI business starting January, while the company actively recruits for the PCS head position, expected to be filled by first half of 2025. These changes come as Vice Chair of Payment Services Shailesh Kotwal prepares for retirement in first half of next year.

Elavon, a U.S. Bank subsidiary and global payment processor, has launched its unified cloud-based Elavon Payment Gateway. This omni-commerce solution enables merchants to accept payments in-store, online, and via mobile devices on a single global platform. The gateway features include omnichannel integration, comprehensive APIs, global reach, advanced security, and data-driven insights. It supports digital wallets like Paze, Apple Pay, and Google Pay, while offering value-added services such as Dynamic Currency Conversion and Recurring Payment Subscriptions. The solution is currently available for small businesses in the US market.

U.S. Bank and PGA Tour pro Collin Morikawa are expanding access for youth golfers through the Birdie Challenge. For every birdie Morikawa makes during the season, U.S. Bank donates five memberships to Youth on Course, a nonprofit that offers affordable golfing opportunities for young people. So far, Morikawa's 325 birdies have resulted in 1,625 memberships being donated.

U.S. Bank employees are also contributing through the 100 Hole Hike challenge, which has led to 2,700 holes golfed and additional donations. The initiative aims to make golf more accessible and affordable for youth, with Youth on Course offering rounds for as little as $5 at thousands of courses nationwide.

The partnership between U.S. Bank, Morikawa, and Youth on Course is helping to grow the game inclusively and create opportunities for the next generation of golfers.

U.S. Bancorp released its third quarter 2024 financial results today. The company has made available its earnings release, earnings supplement, and slide presentation on their investor relations website at ir.usbank.com/investor-relations/financial-information.

A conference call to review the financial results is scheduled for 7 a.m. Central Time, hosted by Chairman and CEO Andy Cecere and Senior Executive Vice President and CFO John Stern. Interested parties can access the webcast and presentation through U.S. Bancorp's website at usbank.com by navigating to 'About Us,' 'Investor Relations,' and 'Webcasts & Presentations.'

For those wishing to join the conference call, the following dial-in numbers are provided:

• From the United States and Canada: 888-210-4659
• From outside the United States and Canada: 646-960-0383

The conference ID for all participants is 7269933.

U.S. Bank has been investing in San Francisco's Mission District for over two decades through its support of the Mission Economic Development Agency (MEDA). The Mission District, one of the oldest neighborhoods in the city, has been a hub for Latino and immigrant communities facing challenges due to rising living costs. MEDA, founded in 1973, aims to build prosperity and equity within the district.

U.S. Bank's support includes:

• Philanthropic contributions to help MEDA operate and grow its programs
• Over $5 million in financing to help MEDA purchase Plaza Adelante
• Nearly $85 million in tax credits and construction loans for the Casa Adelante affordable housing project
• A recent $1 million multiyear contribution to support MEDA's affordable housing program

These investments help preserve the culture and community of the Mission District, supporting services such as financial education, homeowner assistance, job training, and small business support.

U.S. Bank goals coaches offer advice to help college students achieve their targets. The coaches focus on key areas:

• Setting goals: Evaluate current situation, set personal, professional, and financial goals with deadlines.
• Utilizing resources: Use academic counselors, financial aid advisors, and goals coaches as accountability partners.
• Time management: Prioritize tasks, create schedules, and focus on critical activities.
• Managing finances: Create budget plans, categorize spending, build savings, and manage credit effectively.
• Maintaining a positive mindset: Learn from past mistakes, appreciate the present, and focus on personal growth.

Coaches emphasize the importance of specific, measurable goals, effective resource utilization, and maintaining a balanced approach to academic, social, and personal responsibilities.

U.S. Bancorp Impact Finance has made significant investments in Raza Development Fund (RDF), the largest national, Latino-focused Community Development Financial Institution (CDFI). Recent investments include:

1. A $2 million equity-equivalent investment to fund community health centers in Latino neighborhoods across California.

2. A $10 million Racial Equity Direct Purchase Bond to support RDF lending programs in California.

3. A $100,000 grant for RDF's 25th anniversary, a Latino Leadership Summit, and a study of Latino-led CDFIs.

These investments aim to close wealth and opportunity gaps in Latino and under-resourced communities. RDF focuses on health, education, affordable housing, climate resilience, homeownership, and entrepreneurship. The collaboration between U.S. Bank and RDF exemplifies the power of partnerships in advancing economic opportunity and creating lasting, positive change in underserved communities.

Elijah Rush, a Kansas City resident, purchased his first home in 2023 using the U.S. Bank American Dream home loan. This loan program, available in 26 states, offers downpayment assistance, low down payment options, and additional funds for closing costs or repairs. Rush worked with Marla Dickinson, a mortgage loan originator at U.S. Bank, for over a year to become mortgage-ready.

The process involved building credit, creating a savings plan, and attending a homebuyer education class. Rush's journey highlights the importance of financial education and the potential for first-time homebuyers to achieve their goals. He views homeownership as an investment in his family's future and a step towards building generational wealth.