U.S. Bancorp - USB STOCK NEWS

The Wilbur family, having faced multiple elder fraud attempts, underscores the importance of open financial discussions and vigilance. U.S. Bank employee Leslie Wilbur helped her parents, Gary and Cindy, navigate scams involving a fake utility call and a deceptive Amazon customer service number. These incidents highlight the rising trend of elder financial fraud, with the FBI reporting a 2023 loss of $3.4 billion among those over 60, an 11% increase from 2022. U.S. Bank's Shared Access tool allows trusted individuals access to monitor accounts for suspicious activity, aiming to prevent fraud. The Wilburs now regularly communicate about finances to stay informed and protected.

The U.S. Bank Foundation has launched the Opportunity Fund to support nonprofits aiding small businesses in low- to moderate-income communities. Recently, over $6.5 million in grants were awarded to enhance economic development, particularly in rural and Native American communities. Noteworthy beneficiaries include the Warm Springs Community Action Team in Oregon, which offers financial education and business coaching, and the Red River Regional Council in North Dakota, which plans to create a regional innovation lab with a shared-use commercial kitchen. These initiatives aim to foster economic growth, equity, and self-reliance within their respective communities.

Elavon, a subsidiary of U.S. Bank, is partnering with the Southeastern Pennsylvania Transportation Authority (SEPTA) to implement contactless payment methods for transit services in Greater Philadelphia. This move aims to make payments more convenient, efficient, and secure for SEPTA's daily ridership of over half a million commuters. The new system, which leverages the Visa Acceptance Platform, will eliminate the need for dedicated transit cards and cumbersome terminal equipment, thereby reducing costs for SEPTA and enhancing the rider experience. The initiative mirrors Elavon's global transit payment solutions already in use in cities like Venice, Genoa, Monterey, and Myrtle Beach.

U.S. Bank has partnered with Greenlight Financial Technology to offer a new banking solution aimed at teaching kids and teens financial literacy. This collaboration allows U.S. Bank clients with eligible accounts to access Greenlight's debit card and financial tools via the U.S. Bank Mobile App at no extra cost. Greenlight’s platform, trusted by over 6 million users, lets parents manage family finances while kids learn essential money management skills. The initiative is part of U.S. Bank's commitment to financial education and client empowerment.

U.S. Bank has launched the Access Home initiative, aimed at training bilingual employees as mortgage loan officers to better serve Hispanic homebuyers. A cohort of 11 bilingual individuals gathered in Minneapolis in April to begin a yearlong training program. The initiative is part of U.S. Bank's broader Access Commitment to close the wealth gap for underserved communities. Leaders from U.S. Bank, the Federal Housing Administration, and Fannie Mae were present at the training kickoff. The program highlights the bank's commitment to increasing homeownership among the Hispanic community by providing financial literacy and mortgage services in both English and Spanish.

U.S. Bancorp (NYSE: USB) has announced new leadership roles within its Wealth, Corporate, Commercial, and Institutional Banking (WCIB) team. Stephen Philipson has been appointed to lead the WCIB Product Group, expanding his responsibilities to include solutions for wealth and institutional clients. Felicia La Forgia will head the newly established Institutional Client Group (ICG), aimed at enhancing client relationship management across regions and sectors. Both leaders will report to Gunjan Kedia, the new president of U.S. Bancorp. The WCIB and ICG divisions together serve over 500,000 individual clients and 30,000 companies, including nearly 90% of Fortune 1000 companies. Philipson brings over 20 years of experience in financial services, while La Forgia has more than 30 years in banking, previously leading Corporate Banking at U.S. Bank.

U.S. Bancorp (NYSE: USB) has announced that its Chairman and CEO, Andy Cecere, along with its Senior Executive VP and CFO, John Stern, will present at the Morgan Stanley US Financials, Payments & CRE Conference 2024. This presentation is scheduled for 10:15 a.m. Eastern Time on Tuesday, June 11, in New York. A live audio webcast will be available on the U.S. Bank Investor Relations website, with a replay accessible after the event.

The latest initiative by U.S. Bank, in collaboration with the California Restaurant Foundation's 'Experience Hospitality' program, is providing job training for high school students interested in the restaurant industry. Over 500 students from California, enrolled in the ProStart program, toured various hospitality companies, including Urbane Café, Wienerschnitzel, and Pacifica Hotels. The students met with industry leaders and learned about business planning and capital access.

In Ventura, California, students met Urbane Café's founder, Tom Holt, and his team, who emphasized customer-centric service. U.S. Bank's small business specialists also shared insights into starting and funding businesses. U.S. Bank's VP, Rockette Ewell, highlighted the bank's commitment to workforce development through this initiative.

U.S. Bank launched a new campaign, “The Power of Us,” under the guidance of CMO Michael Lacorazza. The campaign highlights the bank's connection to its clients' financial milestones through a brand film and three spots featuring actor Jake Gyllenhaal. These films, in both English and Spanish, showcase the shared journey of U.S. Bank employees and clients, emphasizing moments like buying a first car, graduating college, and retirement planning. Developed with New York City-based Supernatural AI, the multi-channel campaign will run across CTV, broadcast, Out of Home, digital, social, and sponsorship platforms.