U.S. Bancorp - USB STOCK NEWS

Alliance for Community Empowerment (ACE), a San Fernando Valley-based nonprofit, has enhanced its impact through a unique collaboration with Catchafire, facilitated by U.S. Bancorp Impact Finance. ACE, which assists low-income communities, began using Catchafire in 2022 to access skilled volunteers for various projects. This partnership has led to significant improvements, including the hiring of a full-time marketing expert who was initially a volunteer.

U.S. Bancorp Impact Finance provided grant funding to support organizations like Catchafire, which in turn helps nonprofits like ACE. This collaboration has enabled ACE to refine its communication strategies, develop leadership skills, and implement necessary changes. The partnership exemplifies how capacity-building resources can empower smaller nonprofits to make a more significant difference in their communities.

A new U.S. Bank survey reveals that parents today are having more in-depth financial conversations with their children than they had with their own parents. Topics include investing in stocks and bonds and choosing career paths aligned with financial goals. However, nearly 1 in 4 parents and over half of Gen X parents worry their children will be financially dependent on them into adulthood.

The survey also found that Americans are more comfortable discussing their 2024 presidential election choice than their personal finances. Many people might not be truthful with their partners about money, driven by feelings of shame and embarrassment. Financial advisors are increasingly helping families navigate uncomfortable money conversations, especially among younger affluent Americans.

Despite these challenges, parents are confident in their children's financial abilities, with 79% believing their children can successfully manage their finances. The survey highlights the importance of open financial discussions within families to build wealth and financial literacy.

V3 Sports, a nonprofit in North Minneapolis, opened a community-inspired health and wellness facility in June, already surpassing its membership goal with over 900 members. U.S. Bank provided significant support through a $100,000 grant from the U.S. Bank Foundation and a $1.8 million investment in New Markets Tax Credits equity.

The 40,000-square-foot facility includes a swimming pool, fitness center, Boys & Girls Club, workforce development center, and entrepreneurial incubator space. It aims to elevate the North Minneapolis community through fitness, wellness, and education. The project is part of U.S. Bank's place-based investing initiative, focusing on building wealth in low-to-moderate income communities and communities of color.

V3 Sports now employs nearly 70 people and plans to expand with a second phase, adding 200,000 square feet and a 50-meter competition pool. This development is expected to create approximately 100 jobs and stimulate economic activity in the area.

American Banker has recognized two U.S. Bank leaders in its 2024 Most Powerful Women in Banking awards. President Gunjan Kedia and Vice Chair and Chief Risk Officer Jodi Richard were named among individual honorees. Kedia, who became president in May 2024, leads the company's three revenue lines and has been honored for seven consecutive years. Richard, making her first appearance on the banking list, oversees the Risk Management and Compliance organization.

Andy Cecere, chairman and CEO of U.S. Bank, praised both executives for their contributions to the company and the financial services industry. U.S. Bank leaders have been consistently recognized in the Most Powerful program since its inception over 20 years ago. Chana Schoenberger, editor-in-chief of American Banker, highlighted the program's celebration of advancement and welcomed newcomers, noting the progress made despite challenges in the banking sector.

Durango Barber Salon, a Hispanic-owned business in Colorado Springs, has experienced significant growth with the support of U.S. Bank. Owners Luz and Juan Andrade followed their banker, Business Access Advisor Chio Scott, to U.S. Bank to expand their services to the local Hispanic community. The bank assisted them in improving their credit scores and opening multiple locations in Colorado Springs.

Juan Andrade expressed gratitude for U.S. Bank's continuous support, stating, "It's comforting to know that your bank is always trying to find ways to help you grow your business." The Andrades credit their success to the strong relationship built with U.S. Bank and their team of bankers, emphasizing the trust developed over time.

Jose Barrios, owner of Royal Biscuit and Odessa Creamery in the Kansas City area, has realized his dream of owning restaurants with support from U.S. Bank. Barrios, who worked multiple jobs before opening his businesses, found guidance and financial services through U.S. Bank's Blue Springs North branch. The bank assisted with consumer checking accounts, business expansion planning, and credit card processing through Elavon.

Branch manager Jessica Jordan and Small Business Banking specialist Steve Sickmeyer have been instrumental in Barrios' success, providing personalized support and fostering a friendship beyond typical banking relationships. Barrios' philosophy of 'making friends, not customers' aligns with U.S. Bank's approach to client relationships. His success story highlights the importance of community support and perseverance in achieving entrepreneurial goals.

U.S. Bancorp (NYSE: USB) has announced a decrease in its prime lending rate from 8.50% to 8.00%. This change will take effect on September 19, 2024, and will be implemented across all U.S. Bank locations. The prime lending rate is a key benchmark used by banks to set interest rates for various financial products, including loans and credit lines. This reduction could potentially impact borrowing costs for consumers and businesses, as well as the bank's interest income.

U.S. Bank Foundation has awarded over $11.5 million in Community Possible grants to support local communities across the country. These grants focus on promoting play, arts, and cultural opportunities for underserved youth. Notable beneficiaries include:

1. Boys & Girls Clubs of the North Valley in California, supporting the Triple Play health and well-being program.

2. Puerto Rican Arts Alliance in Chicago, funding the Latin Music Project in 10 public schools.

In 2024, the U.S. Bank Foundation has provided over $23 million in Community Possible grants, with more planned throughout the year. The foundation aims to close gaps between people and possibility in the areas of work, home, and play.

Jo Murray, senior vice president in U.S. Bank's Global Corporate Trust, is preparing for 'The World's Toughest Row' in December 2025. This challenge involves rowing 3,000 miles across the Atlantic Ocean from the Canary Islands to the West Indies. Murray's team, 'The Only Way is Rowing,' consists of three women who have been training for over 18 months. The preparation includes securing a $100,000 specialized ocean rowing boat, extensive safety training, and physical conditioning. Murray balances this endeavor with her full-time role at U.S. Bank, where she leads the business management function within Corporate Trust in Europe. The team is also raising money for three nonprofits: Rewilding Britain, Wilderness Foundation UK, and Shelter.