U.S. Bank Increases Prime Lending Rate to 4.75 Percent

Rhea-AI Summary

U.S. Bancorp (NYSE: USB) has announced an increase in its prime lending rate from 4.00% to 4.75%, effective June 16, 2022, across all U.S. Bank branches. The change reflects the company’s strategy in response to market conditions.

As of March 31, 2022, U.S. Bancorp reported $587 billion in assets and employs approximately 70,000 people, serving customers through various business lines including consumer banking, payment services, and wealth management. The organization has earned recognition for its digital innovation and customer service.

Positive

• Prime lending rate increased from 4.00% to 4.75%, potentially enhancing profit margins.
• Strong asset base of $587 billion as of March 31, 2022.
• Diverse range of services across consumer and business banking.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 4.75 percent from 4.00 percent, effective tomorrow, June 16, 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/20220615006032/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

When did U.S. Bancorp increase its prime lending rate?

U.S. Bancorp increased its prime lending rate effective June 16, 2022.

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

The new prime lending rate for U.S. Bancorp is 4.75%.

What are the assets of U.S. Bancorp as of March 31, 2022?

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

How many employees does U.S. Bancorp have?

U.S. Bancorp employs approximately 70,000 people.