Us Bancorp - USB STOCK NEWS

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.

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.