U.S. Bank Increases Prime Lending Rate to 3.50 Percent

Rhea-AI Summary

U.S. Bancorp (NYSE:USB) has announced an increase in its prime lending rate from 3.25 percent to 3.50 percent, effective March 17, 2022. This adjustment applies to all U.S. Bank locations. As of December 31, 2021, U.S. Bancorp reported nearly 70,000 employees and $573 billion in assets. The firm is recognized for its customer service, digital innovation, and was named one of the 2021 World’s Most Ethical Companies.

Positive

• Increased prime lending rate may lead to higher interest income.
• Recognition as one of the 2021 World’s Most Ethical Companies enhances brand reputation.

Negative

• Higher lending rates may reduce loan demand, impacting future growth.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE:USB) announced it has increased its prime lending rate to 3.50 percent from 3.25 percent, effective tomorrow, March 17, 2022, at all U.S. Bank locations.

About U.S. Bancorp:

U.S. Bancorp, with nearly 70,000 employees and $573 billion in assets as of December 31, 2021, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2021 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316006039/en/

Investor contact:

Jennifer Thompson, U.S. Bancorp Investor Relations – 612.303.0778; jen.thompson@usbank.com

Media contact:

Jeff Shelman, U.S. Bancorp Public Affairs and Communications – 612.303.9933; jeffrey.shelman@usbank.com

Source: U.S. Bancorp

FAQ

What is the new prime lending rate for U.S. Bancorp?

U.S. Bancorp has increased its prime lending rate to 3.50 percent from 3.25 percent.

When did U.S. Bancorp's new prime lending rate take effect?

The new prime lending rate took effect on March 17, 2022.

What are U.S. Bancorp's assets as of December 31, 2021?

U.S. Bancorp reported assets of $573 billion as of December 31, 2021.

How many employees does U.S. Bancorp have?

U.S. Bancorp has nearly 70,000 employees.

What recognition has U.S. Bancorp received?

U.S. Bancorp was named one of the 2021 World’s Most Ethical Companies.