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. Bancorp (NYSE: USB) has announced that Vice Chair and CFO Terry Dolan and Vice Chair of Payment Services Shailesh Kotwal will present at the RBC Capital Markets Global Financial Institutions Conference. The event is scheduled for 10 a.m. ET on Tuesday, March 7, taking place in New York. A live audio webcast of the presentation will be available on the U.S. Bank Investor Relations website and will be followed by a replay.
As of December 31, 2022, U.S. Bancorp employed nearly 77,000 staff and held $675 billion in assets, making it a key player in consumer banking and financial services.
U.S. Bank has enhanced its Pivot client platform by introducing portfolio optimization capabilities aimed at collateralized loan obligation (CLO) clients. This feature allows for tailored investment strategies by sorting through thousands of combinations to meet client-specific goals, including compliance and custom constraints. CLO portfolio managers can now evaluate trades effectively, improving their decision-making processes. Furthermore, U.S. Bank has two patents pending related to this optimization technology, reinforcing its commitment to innovation in investment services. The company oversees approximately $9.8 trillion in assets under custody.
U.S. Bank has partnered with PGA Tour golfer Collin Morikawa to support Youth on Course through a special birdie challenge during the 2023 PGA Tour season. For each birdie made, U.S. Bank will donate funds to cover five memberships for youths. This program aims to promote access to the game of golf for young people, enhancing opportunities for learning and growth.
Youth on Course, a nonprofit organization, provides affordable golf access for youth, facilitating high school internships and scholarships. U.S. Bank's commitment demonstrates its dedication to community investment and youth engagement in sports.
U.S. Bank showcases the strong partnership between District Manager Tony Dansberry and entrepreneur Johnny Little, CEO of eLittle Communications Group. Their collaboration began in 2016, focusing on business growth and community development in Ferguson, Missouri. Little's restaurant, Elicious, opened in November 2021, benefiting from a U.S. Bank loan for renovations. He has initiated scholarships for local students and celebrates Black History Month with special dishes. The success of Little's ventures highlights U.S. Bank's commitment to supporting local entrepreneurs and enhancing community perception.
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.
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