Us Bancorp - USB STOCK NEWS

U.S. Bancorp Impact Finance, in collaboration with the Metropolitan Economic Development Association (MEDA), has provided important financing to help Tomme Beevas open his latest restaurant, Pimento on the Lake, in Minneapolis. Beevas, inspired by his grandmother's entrepreneurial spirit and culinary skills in Jamaica, has grown his business since 2012 to five locations. The recent financing deal, closed in August 2023, addresses the challenges small and minority-owned businesses face in accessing affordable capital. This partnership has enabled Beevas to expand and offer more job opportunities to the community. Eight months post-opening, Pimento on the Lake is experiencing increased customer traffic, particularly with the arrival of summer in Minnesota.

U.S. Bancorp (NYSE: USB) announced the departure of Tim Welsh, vice chair of Consumer and Business Banking, after seven years of service. Welsh will focus on community activities and other career interests. He will stay until July and then serve in an advisory role through October. Arijit Roy will assume an expanded role, overseeing Consumer and Business Banking products. Roy joined U.S. Bank in 2022 and has previous leadership experience at Truist, Discover Financial Services, and McKinsey and Company. Additional leadership includes Sekou Kaalund, head of Branch Banking, and Tom Wind, head of Consumer Lending.

U.S. Bank has entered into partnerships with over 40 state and local housing finance agencies (HFAs) to provide HFA loans aimed at supporting first-time and low-to-moderate-income homebuyers. These loans are designed to offer downpayment and closing cost assistance, making homeownership more accessible. U.S. Bank has already helped 3,500 first-time homebuyers in Ohio through this initiative. The bank works with local lenders and agencies in collaboration with Fannie Mae, Freddie Mac, and Ginnie Mae to service these loans. This initiative underscores U.S. Bank's commitment to sustainable homeownership and providing ongoing support to homeowners.

U.S. Bancorp (NYSE: USB) will announce its second quarter 2024 earnings results before the market opens on Wednesday, July 17, 2024. Chairman and CEO Andy Cecere and CFO John Stern will host a conference call at 7 a.m. CT to review the financial results. The call will be accessible online through the U.S. Bancorp website, or via telephone for participants in the U.S., Canada, and other regions. For those unable to join the live call, a replay will be available on the U.S. Bancorp website starting around 10 a.m. CT on the same day.

Elavon has introduced the Elavon Cloud Payments Interface, a new API aimed at the hospitality industry. It is designed to streamline both digital and in-person payment experiences for hotels and related businesses. This API enhances guest experiences by simplifying payments everywhere within the hotel, from check-in to check-out, and supports real-time data synchronization. The system is cloud-based, scales easily across multiple locations, and ensures PCI compliance. Key features include full support for contactless and mobile payments, fraud protection, and seamless integration with third-party payment providers.

Delta Air Lines and Elavon, a subsidiary of U.S. Bank, have introduced Tap to Pay on iPhone for in-flight purchases on U.S. domestic flights.

This new solution allows passengers to use contactless credit/debit cards, Apple Pay, or other digital wallets. Flight attendants can now use airline-issued iPhones to facilitate payments, improving efficiency and convenience.

This system eliminates the need for separate card readers, reducing the chances of connectivity issues and maintenance hassles.

Elavon's CEO, Jamie Walker, emphasized that the collaboration with Apple broadens payment acceptance and enhances customer experience.

Howard University has partnered with Volt Energy to install solar photovoltaic systems on six campus buildings, including the Blackburn Center and School of Business. This initiative is part of the Howard Forward strategic plan to enhance sustainability. The project, partially funded by U.S. Bancorp Impact Finance with a $2.92 million equity commitment, is expected to generate nearly 35,000 megawatt hours of solar energy and reduce carbon emissions by over 23,000 metric tons. Volt Energy, a Black-led renewable energy developer, aims to provide clean energy and educate students on the benefits and wealth-building opportunities in the clean energy sector.

U.S. Bancorp (NYSE: USB) has announced its Board of Directors declared regular quarterly dividends. Common shareholders will receive a dividend of $0.49 per share, payable on July 15, 2024, to those recorded by June 28, 2024. This sets the annual dividend to $1.96 per share.

For preferred shares, the dividends are as follows: Series A - $16.709040 per depositary share, Series B - $0.391184 per depositary share, Series K - $0.343750 per depositary share, Series L - $0.234375 per depositary share, Series M - $0.250000 per depositary share, Series N - $9.250000 per depositary share, and Series O - $0.281250 per depositary share. All preferred dividends are also payable on July 15, 2024, to stockholders of record by June 28, 2024.

U.S. Bank's Business Diversity Lending Program has significantly helped TechKnow 123, an IT service provider in Monticello, Arkansas, owned by Kashif Kincaid. Struggling to secure financing from local banks despite good credit and a profitable business, Kincaid was able to connect with U.S. Bank through branch manager Ramone Davis and Business Access Advisor Cassandra Kidd. The program enabled him to secure a line of credit, purchase business vehicles, and obtain business credit cards, allowing him to grow his team from one to over ten employees and expand service offerings. The initiative exemplifies U.S. Bank's commitment to supporting underserved business owners and promoting inclusive growth.