U.S. Bank Increases Prime Lending Rate to 4.00 Percent

Rhea-AI Summary

U.S. Bancorp has raised its prime lending rate to 4.00% from 3.50%, effective May 5, 2022, across all U.S. Bank locations. This adjustment reflects the bank's response to market conditions and may influence borrowing costs for consumers and businesses. With around 70,000 employees and $587 billion in assets as of March 31, 2022, U.S. Bancorp continues to serve a diverse customer base through multiple financial services.

Positive

• Increased prime lending rate may enhance profit margins on loans.
• Strong asset base of $587 billion as of March 31, 2022.

Negative

• Higher lending rates could discourage borrowing and impact loan growth.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 4.00 percent from 3.50 percent, effective tomorrow, May 5, 2022, at all U.S. Bank locations.

About U.S. Bancorp:

U.S. Bancorp, with approximately 70,000 employees and $587 billion in assets as of March 31, 2022, 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 2022 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/20220504006168/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 effective May 5, 2022?

U.S. Bancorp has increased its prime lending rate to 4.00% from 3.50% effective May 5, 2022.

How does U.S. Bancorp's asset size compare?

As of March 31, 2022, U.S. Bancorp has approximately $587 billion in assets.

What potential impact does the prime rate increase have on borrowers?

The increase in prime rate may lead to higher borrowing costs for consumers and businesses.