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. Bank has entered into a multi-year sponsorship agreement with professional golfer Collin Morikawa, winner of the 2020 PGA Championship. Morikawa, currently ranked 4th in the Official World Golf Rankings, will feature U.S. Bank branding on his golf bag. The partnership includes the production of marketing campaigns across various media platforms. Morikawa has achieved four PGA TOUR titles, the most by any player under 25. U.S. Bank aims to align its brand with Morikawa's success and community-driven initiatives.
U.S. Bancorp will redeem all outstanding Series I Non-Cumulative Perpetual Preferred Stock on April 15, 2021, at a price of $25,000 per share. Holders will also receive a separate payment for the regular quarterly dividend for the period ending April 15, 2021. The redemption will occur through The Depository Trust Company, and all rights related to the stock will cease upon completion. This announcement does not serve as a formal notice of redemption, which is detailed in the certificate of designations.
U.S. Bancorp serves as a significant player in the banking industry with $554 billion in assets.
U.S. Bancorp (NYSE: USB) will have Vice Chair and CFO Terry Dolan and Vice Chair of Technology and Operations Services Jeff von Gillern present at the RBC Capital Markets Conference.
The virtual presentation is scheduled for 2 p.m. ET on Wednesday, March 10.
A live webcast will be available on the U.S. Bank Investor Relations website, with a replay following the event.
As of December 31, 2020, U.S. Bancorp has nearly 70,000 employees and assets totaling $554 billion, making it the fifth-largest commercial bank in the U.S.
U.S. Bank launched its Access Commitment initiative aimed at enhancing wealth-building opportunities in diverse communities. This effort includes a $25 million microbusiness fund for women of color, a mortgage program to promote homeownership, and improved career opportunities for diverse employees. Building on a prior $116 million investment, the initiative targets systemic change by providing access to capital and financial education to address the racial wealth gap, particularly within the Black community.
U.S. Bank appoints Scott Ford as president of Wealth Management Affluent, enhancing its integrated wealth management services for affluent clients. Ford brings over 20 years of experience from JP Morgan Chase and Citibank, where he focused on team leadership and growth strategies. He will lead a nationwide network of wealth management professionals, aiming to deliver value-added solutions. U.S. Bank continues to expand its comprehensive financial services, which include wealth planning, investment management, and trust services.
U.S. Bank has launched a new passive currency hedging service aimed at asset managers and owners as part of its Global Currency Management solutions. This innovative tool offers institutional investors a fully automated and scalable approach to portfolio and share class currency hedging, incorporating advanced technology from Lumint Corporation. It allows clients to mitigate FX volatility while maintaining asset performance. The solution also features comprehensive reporting and analytics to track performance, thereby streamlining currency management and reducing operational costs for clients.
U.S. Bank has entered into a definitive agreement to acquire the Debt Servicing and Securities Custody Services client portfolio from MUFG Union Bank, encompassing approximately 600 client relationships and $320 billion in assets under custody. This acquisition aims to enhance U.S. Bank's presence on the West Coast and strengthen its position in corporate trust and custody services. The deal is expected to close in Q1 2021, pending regulatory approval. U.S. Bank manages over $7.7 trillion in assets globally, emphasizing its commitment to offering tailored solutions for its clients.
U.S. Bancorp (NYSE: USB) will announce its fourth quarter 2020 earnings on January 20, before market open. CEO Andy Cecere and CFO Terry Dolan will host a conference call at 8 a.m. CT to discuss the financial results. There are options to join the call via the U.S. Bank website or by telephone. A replay will be available beginning at 11:00 a.m. CT that day until February 3. As of September 30, 2020, U.S. Bancorp has over $540 billion in assets and is recognized as one of the 2020 World’s Most Ethical Companies.
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