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 a $5 billion common stock repurchase program starting September 13, 2024, with repurchases beginning in early 2025. The company also declared a 2% increase in its quarterly dividend to $0.50 per common share, payable October 15, 2024. This brings the annual dividend to $2.00 per share. The repurchase program will be executed at the company's discretion, considering economic conditions and regulatory compliance. U.S. Bancorp may adjust capital distributions as needed, subject to Board approval. This program replaces the one approved on December 21, 2020. Additionally, the Board declared dividends on various series of preferred stock, all payable on October 15, 2024.
U.S. Bank's Thrive Thursday program is fostering employee engagement and connection across the company. The weekly virtual sessions, attended by over 1,000 team members, feature presentations on various topics including wellbeing, professional growth, and business spotlights. The program has expanded to include in-person watch parties and additional sessions on different days due to high demand.
Donte Turnage, a client relationship consultant in Cincinnati, credits Thrive Thursday for helping him overcome initial nervousness and feel more connected to colleagues. The program encourages active participation, with attendees engaging in chat discussions and Q&A sessions. Program host Sam Gonsalves emphasizes that Thrive Thursday's success stems from its focus on employee-led development and fostering a sense of belonging within the company culture and strategy.
U.S. Bank has introduced Paze℠, a new online checkout solution for eligible credit and debit cardholders. Paze offers a convenient shopping experience without manual card entry, new passwords, or third-party app downloads. The bank is promoting Paze usage through special offers and providing integration options for businesses via Elavon's Converge Payment Gateway.
Key features of Paze include:
- Enhanced security through card number tokenization
- Easy activation via U.S. Bank app or website
- No additional transaction fees for merchants
- Seamless integration for e-commerce businesses
U.S. Bank aims to deliver innovative, simple, and secure payment solutions to meet client expectations in online shopping.
Dru Christine Fabrics & Design, owned by Andrea "Dru" Thompson, is a versatile fashion hub in downtown Cleveland. The store offers a wide range of clothing and serves as a studio for sewing classes, wig making, and fashion design workshops for both adults and children. Thompson, a U.S. Bank customer since 2002, has expanded her relationship to include business banking services. With guidance from U.S. Bank Business Access Advisor Norlynn Story, Thompson recently completed a financial literacy course, leading to improved financial outcomes for her small business. Thompson praised U.S. Bank for recognizing and supporting her as a small business owner, emphasizing the personal value of her enterprise despite its size.
U.S. Bank has unveiled two new U.S. Bank Smartly® products: the U.S. Bank Smartly™ Visa Signature® Card and U.S. Bank Smartly® Savings. These products are designed to work together, offering up to 4% cash back on card purchases and up to 4.10% APY on savings with qualifying balances of $100,000 or more.
The credit card offers a baseline of 2% cash back on every purchase, which can increase based on the cardholder's combined average daily eligible balance. The savings account, available in all 50 states, offers competitive rates when paired with the Smartly Card or an eligible checking account. These new offerings complement the existing Bank Smartly® Checking and U.S. Bank Smartly® Rewards products.
U.S. Bank is also highlighting its digital banking capabilities, including its highly-rated mobile app, which allows for quick account opening, loan applications, and features like cobrowse technology and DIY direct deposit switching.
U.S. Bancorp (NYSE: USB) has announced plans to host an Investor Day on September 12, 2024, in New York. The event will feature presentations by Chairman and CEO Andy Cecere, along with other key management team members. While in-person attendance is by invitation only, a live video webcast will be available to the public from 8:00 AM to 12:00 PM ET.
Interested parties can access the webcast and presentations through the U.S. Bancorp website at usbank.com by navigating to the 'About Us,' 'Investor Relations,' and 'Webcasts & Presentations' sections. A replay of the webcast will be made available within 24 hours after the event concludes.
U.S. Bank's 2024 Small Business Perspective report reveals that 73% of American small businesses have grown in the past year, with even higher growth rates for Black (84%) and Hispanic (80%) owners. Despite this growth, 52% of businesses report being understaffed, and 77% face a more competitive labor market. To address these challenges, 83% of owners plan to offer flexible hours for better work-life balance.
The report also highlights the increasing adoption of digital tools and AI solutions, with 75% of owners planning to focus on digital tools in the next year. 60% have already implemented AI or automation solutions. However, 47% of owners worry about their company being replaced by automation. The top macroeconomic stressors for small businesses include competition (73%), economic environment (71%), and inflation (65%).
U.S. Bank (NYSE: USB) has acquired Salucro Healthcare Solutions , a leading healthcare financial technology company specializing in patient payments and billing. This acquisition expands U.S. Bank's focus on the healthcare industry, complementing its existing services. Salucro, founded in 2004 and based in Tempe, Arizona, was previously a partner of Elavon, U.S. Bank's merchant acquiring unit. The bank had initially invested in Salucro in 2022, with Salucro's platform being sold through Elavon as MedEpay.
The acquisition closed on August 21, 2024, with Salucro team members integrating into Elavon. This move strengthens U.S. Bank's position in providing banking and payment services to healthcare organizations, including hospital systems, insurers, and medical practices.
U.S. Bancorp (NYSE: USB) announced that Shailesh Kotwal, vice chair of Payment Services, plans to retire in the first half of 2025. Kotwal has been with the company for nearly a decade, contributing significantly to its growth and innovation in the payments sector. The bank will immediately begin searching for new Payment Services leadership to ensure a smooth transition. This early announcement allows ample time for a comprehensive search and seamless handover of responsibilities.
U.S. Bank has announced a strategic partnership with Edward Jones to provide banking services to Edward Jones clients. Starting in late 2025, Edward Jones financial advisors will be able to offer co-branded U.S. Bank deposit and credit card products to their U.S. clients. This expansion builds on their existing card-issuing relationship through U.S. Bank's Elan division since 2012.
The partnership will reach Edward Jones' 8 million clients with $2 trillion in assets under care, served by over 19,000 financial advisors across North America. This alliance is part of U.S. Bank's strategy to extend its geographic reach and serve more clients, following similar partnerships with State Farm and Greenlight.
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