Welcome to our dedicated page for U.S. Bancorp news (Ticker: USB), a resource for investors and traders seeking the latest updates and insights on U.S. Bancorp stock.
U.S. Bancorp (symbol: USB) is a diversified financial services provider and one of the largest regional banks in the United States. With a strong presence in 26 states, primarily in the Western and Midwestern U.S., U.S. Bancorp offers a comprehensive range of banking services. These include retail banking, commercial banking, trust and wealth management services, credit cards, mortgages, and various payment solutions.
A commitment to putting people first and making ethical decisions is at the heart of U.S. Bancorp's operations, earning recognition as one of the World's Most Ethical Companies by Ethisphere in 2017. With over 4,800 ATMs and 3,088 branch locations, along with 24-hour phone support and advanced mobile and online banking platforms, U.S. Bancorp ensures convenient access to accounts and financial services for their customers.
In recent developments, U.S. Bancorp has been involved in significant community projects. One notable achievement is the financing of a substantial affordable housing and commercial space project in Los Angeles' Little Tokyo. This development will offer 248 units of affordable housing and 40,000 square feet of commercial space dedicated to minority-owned businesses. Additionally, U.S. Bancorp has supported this community with $466,000 through charitable giving since 2009.
U.S. Bancorp also celebrates its employees' achievements and contributions. During Women's History Month, they highlighted trailblazing women within the organization, such as Jody Clark, Senior Vice President in the IAS Division, who has significantly contributed to the growth and development of the bank’s investment advisory services.
Another initiative by U.S. Bancorp is the Access Home program, which trains bilingual employees to become mortgage loan officers, helping to serve underbanked communities, particularly the Hispanic community. This initiative is part of the broader U.S. Bank Access Commitment® aimed at closing the wealth gap for underserved communities.
Financial stability and community support remain central to U.S. Bancorp's mission, making it a reliable partner for both personal and business banking needs. Equal housing lender and member of FDIC, U.S. Bancorp continues to uphold its ethical standards while driving financial and social progress.
U.S. Bank and Mastercard have introduced the new U.S. Bank Business Altitude™ Connect World Elite Mastercard aimed at enhancing rewards for business travelers. This card offers up to 5x rewards on prepaid car and hotel bookings, and 4x rewards on other travel expenses including airfare and gas. Cardholders can also earn 2x rewards on dining and cell phone services, and 1x on all other purchases. The card carries no annual fee in the first year and a $95 fee thereafter, with additional benefits like no foreign transaction fees and airport lounge access. U.S. Bank anticipates a recovery in business travel, positioning this card as an essential tool for small businesses.
U.S. Bank launched the Business Access Advisor (BAA) program to assist minority-owned small businesses, addressing gaps in information, connections, and capital. Micae Brown, a BAA, helped Melvin Cannon expand his luxury vehicle service, showcasing the program's impact. In 2022, over 1,000 business owners were served, with significant recognition from the Small Business Administration. The initiative is part of U.S. Bank's Access Commitment, focusing on financial education and tailored support for diverse entrepreneurs across various cities. The program aims to boost minority business growth, especially post the COVID-19 financial downturn.
U.S. Bank awarded scholarships totaling $45,500 to students in various health-related fields. The grand prize of $14,000 went to Valerie Coakley, a medical lab science student at Andrews University, who expressed relief as the funds cover her entire semester. The first prize of $10,000 was awarded to Hannah Bees, a rehab health and kinesiology student at Buena Vista University. Over 32,000 applicants participated in the scholarship program, which emphasizes financial education through required modules. This initiative aims to enhance students' financial literacy as they pursue their education.
VinFast has appointed U.S. Bank (NYSE: USB) as its preferred provider for retail financing and leasing of its vehicles in the United States. This partnership aims to provide customers with competitive financing options and enhanced customer service at VinFast showrooms and online. U.S. Bank will facilitate a seamless, secure digital financing experience for VinFast customers. The announcement coincides with VinFast's plans to open new showrooms in California and expand its presence across the country. As of December 31, 2022, U.S. Bancorp, the parent company of U.S. Bank, reported $675 billion in assets.
U.S. Bank has released findings from a study on its Student Scholarship Program, revealing significant benefits in enhancing financial wellness among participants. The program offers students online modules that cover essential financial topics and provides a chance to win scholarships totaling up to $14,000. Key findings indicate that financial confidence among students increased from less than 10% to over 40% after completing the modules. Notably, students of color experienced a 350% increase in confidence. U.S. Bank plans to enhance the program with gamified content and broader topic variety in 2023.
U.S. Bancorp (NYSE: USB) has announced an increase in its prime lending rate to 7.75% from 7.50%, effective February 2, 2023. This change will apply to all U.S. Bank and Union Bank locations. U.S. Bancorp, headquartered in Minneapolis, has approximately 77,000 employees and $675 billion in assets as of December 31, 2022. The company offers a diverse range of services, including consumer and business banking, payment services, corporate banking, and wealth management. U.S. Bancorp is recognized for its commitment to digital innovation and customer service, recently being honored as one of the World’s Most Ethical Companies.
U.S. Bancorp Asset Management has appointed Jim Link as head of its Institutional Outsourced Chief Investment Officer (OCIO) practice within PFM Asset Management. With 34 years of experience, Link aims to enhance the market presence of the OCIO practice by unifying offerings and developing client-focused strategies. The OCIO segment is growing, driven by portfolio complexity and market volatility, prompting institutions to seek agile management solutions. U.S. Bancorp, with $675 billion in assets as of December 31, 2022, continues to strengthen its OCIO capabilities, positioning itself for growth in this competitive market.
U.S. Bank has achieved an "Outstanding" rating for its Community Reinvestment Act (CRA) examination from the Office of the Comptroller of the Currency (OCC), covering the period from January 1, 2016, to December 31, 2020. The bank excelled in Lending and Investment categories while receiving a "High Satisfactory" rating for Service. Key achievements include over $7.8 billion in community development loans, more than $47.7 million in assistance programs, and $2.4 billion in Small Business Administration loans. Looking ahead, U.S. Bank is set to implement a $100 billion community benefits plan following its acquisition of MUFG Union Bank, beginning in Q2 2023.
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