U.S. Bancorp - USB STOCK NEWS

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.

U.S. Bank has appointed Guillaume Mascotto as the head of Sustainable Finance, a new role aimed at capturing sustainable finance opportunities across the enterprise. Mascotto, previously from Jennison Associates, will lead a specialized team to address customer demands for sustainable financing products, enabling a transition to a low-carbon economy. This initiative supports U.S. Bank’s commitments to environmental finance and inclusive growth. The bank, with approximately 70,000 employees and $601 billion in assets, continues to focus on meeting the increasing demand for sustainable financial solutions.

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.