Us Bancorp Stock Price, News & Analysis

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.

U.S. Bank continues its support for Girls Who Code, a nonprofit organization focused on closing the gender gap in technology. The bank recently hosted an Intern Meet-up event in Atlanta, bringing together 30 Girls Who Code college students and early career individuals from 12 universities, along with 12 U.S. Bank interns. U.S. Bank has invested over $1 million in Girls Who Code over the past seven years.

The event aimed to create networking opportunities and featured a panel of U.S. Bank leaders discussing topics such as mentorship, career advancement, and job search strategies. U.S. Bank intern Alex Bryant, who has participated in the Girls Who Code Summer Immersion program, shared her positive experience in teaching high school students basic programming skills. The initiative aligns with U.S. Bank's commitment to fostering diversity in the technology sector.

U.S. Bank is sponsoring the SCORE Charlotte Pitch for Growth competition, a 'Shark Tank'-style event for entrepreneurs looking to expand their businesses. The 2023 winner, Surefire Neighborhood Market, received $5,000 for providing affordable, healthy food options in Rock Hill, South Carolina. Applications for the 2024 competition open on August 12, with the final event in mid-November.

The competition, supported by the U.S. Bank Foundation, offers mentoring and educational resources through SCORE, a nonprofit partner of the Small Business Administration. U.S. Bank's Business Access Advisor program, part of its Access Commitment®, aims to help underserved small businesses thrive by providing access to information and resources.

U.S. Bank's Business Access Advisors are organizing bus tours across multiple cities in August and September to connect small business owners with bank leaders and resources. These tours, coinciding with National Black Business Month, aim to address common challenges faced by entrepreneurs, such as securing capital and accessing information. Micae Brown, a Business Access Advisor serving Chicago and Milwaukee, will lead her third annual tour, focusing on building connections and strengthening community. The initiative highlights U.S. Bank's commitment to supporting small businesses by providing access to financial solutions and educational resources.

U.S. Bank and the Arvada Center, a Denver-area arts and humanities nonprofit, have maintained a strong partnership for over 30 years. The U.S. Bank Foundation has provided consistent financial support to the Arvada Center, aligning with their shared mission of empowering communities. This relationship has evolved to include a U.S. Bank team member on the Arvada Center board and a new banking relationship. Philip Sneed, Arvada Center President & CEO, expressed enthusiasm for the growing support from U.S. Bank and their mutual goal of helping individuals realize their potential. The partnership exemplifies U.S. Bank's commitment to community engagement and supporting local cultural institutions.

U.S. Bancorp (NYSE: USB) has appointed Arijit Roy to its Managing Committee, a group of 16 top executives. Roy, 47, will continue leading the Consumer and Business Banking product organization, reporting to U.S. Bancorp President Gunjan Kedia. His role involves enhancing the bank's product capabilities and partnering with distribution channels to drive growth in consumer and small business segments.

Roy joined U.S. Bank in 2022, bringing experience from leadership positions at Truist, Discover Financial Services, and McKinsey and Company. He holds master's degrees from Harvard Business School and Virginia Tech. U.S. Bancorp CEO Andy Cecere praised Roy's focus on collaboration, client advocacy, and creating unique product offerings, highlighting his expertise in integrating product, channel, and strategy in financial services.