U.S. Bancorp - USB STOCK NEWS

U.S. Bancorp announced its fourth-quarter 2022 results, with assets totaling $601 billion as of September 30, 2022. This press release highlights the company's diversified business models, including Consumer and Business Banking, Payment Services, Corporate & Commercial Banking, and Wealth Management. U.S. Bancorp's recent acquisition of Union Bank, focused on retail banking on the West Coast, is also noted. The company aims to continue its digital innovation and has been recognized for social responsibility, being named one of the 2022 World’s Most Ethical Companies.

U.S. Bancorp has elected Alan B. Colberg as a new board director, effective immediately, adding depth in financial services and risk management. Colberg, with extensive experience, served as CEO of Assurant from January 2015 to December 2021 and has held significant leadership roles at Bain & Company. His appointment is seen as a strategic move to enhance U.S. Bancorp's growth and innovative product offerings, as highlighted by CEO Andy Cecere. Colberg also holds a board position at Corebridge Financial, demonstrating his ongoing involvement in the financial sector.

U.S. Bank has received an 'Outstanding' rating from the Office of the Comptroller of the Currency for its recent Community Reinvestment Act examination. This positive assessment covers a period from January 1, 2016 to December 31, 2020. The bank reported over $7.8 billion in community development loans and $47.7 million in assistance through down payment programs. It facilitated $2.4 billion in SBA loans and invested more than $7.9 billion in its community. The bank's five-year $100 billion community benefits plan aims to continue its support for low- and moderate-income communities.

U.S. Bank announced a $25,000 contribution to the Northern California Coastal Region Red Cross to support disaster relief amid severe rainstorms affecting the area. This donation is part of the bank's ongoing commitment to community support, including an annual grant of $150,000 to the American Red Cross Disaster Responder Program and approximately $500,000 in various contributions each year. U.S. Bank is actively preparing and responding to the needs of employees, customers, and communities impacted by the storms, with resources available on their Disaster Relief Assistance page.

U.S. Bank partners with Project Destined, a nonprofit aimed at teaching real estate to students of color. Founded by Cedric Bobo, Project Destined connects participants with industry mentors, offering stipends for classes that cover financing and property evaluation. U.S. Bank's collaboration includes a $25,000 contribution to Project Destined's Affordable Housing Bridge Program, which provides students with exposure to affordable housing careers. Over 39 fellows were selected from more than 160 applicants, showcasing U.S. Bank's commitment to racial equity and access to opportunities in commercial real estate.

U.S. Bank appoints Guillaume Mascotto as head of Sustainable Finance, leading a new team to explore sustainable finance opportunities. Based in New York, Mascotto will report to Zack Boyers, CEO of U.S. Bancorp Community Development Corporation. The team aims to enhance customer engagement in sustainable finance, facilitating products and services that support social and environmental goals, including the transition to a low-carbon economy. Mascotto, with extensive ESG experience, previously worked at Jennison Associates and American Century Investments. U.S. Bancorp manages approximately $601 billion in assets and serves millions globally.

U.S. Bank has partnered with P.A.R.K. to enhance financial literacy and promote homeownership among at-risk youth in Little Rock, Arkansas. Initiated in early 2022, the project involves monthly discussions where over 40 young adults and U.S. Bank volunteers engage on topics like credit scores and home equity. This initiative is part of the Access Home program aimed at closing homeownership gaps in marginalized communities. With collaboration from Junior Achievement, nearly 300 elementary students are also being educated on financial concepts. U.S. Bank emphasizes community involvement, allowing employees paid time off for volunteer work.

U.S. Bank supports workforce development in the renewable energy sector with a $50,000 grant to GRID Alternatives for a new Clean Tech Training Center (CTTC) in Inland Empire, California. This facility aims to provide no-cost solar installation training, benefiting high school students and low-income individuals. The CTTC will accommodate 300 students in 2023 and aims to meet growing demand for trained solar installers, projected to increase by 27% by 2031. U.S. Bank has contributed approximately $900,000 in financial support to GRID since 2010, reflecting their commitment to community investment.

Securrency has announced the appointment of Nadine Chakar as CEO effective January 9, 2023. Chakar, who has over 30 years of experience in financial services, aims to enhance the commercialization of Securrency's compliance-driven digital asset technology for institutions. Previously, she was Executive VP at State Street Digital. Her leadership is expected to accelerate growth in Securrency's blockchain-enabled financial services infrastructure. Dan Doney will shift to focus on technology and innovation as CTO, furthering the company's vision in decentralized finance.