U.S. Bank Increases Prime Lending Rate to 5.50 Percent

Rhea-AI Summary

U.S. Bancorp has raised its prime lending rate from 4.75% to 5.50%, effective July 28, 2022, across all U.S. Bank locations. This decision reflects the company's ongoing adjustments to market conditions. As of June 30, 2022, U.S. Bancorp operates with approximately 70,000 employees and manages $591 billion in assets. The company is recognized for its commitment to digital innovation and customer service, having been named one of the 2022 World’s Most Ethical Companies.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 5.50 percent from 4.75 percent, effective tomorrow, July 28, 2022, at all U.S. Bank locations.

About U.S. Bancorp:

U.S. Bancorp, with approximately 70,000 employees and $591 billion in assets as of June 30, 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/20220727006017/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 5.50% from 4.75%.

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

The new prime lending rate became effective on July 28, 2022.

What are the assets of U.S. Bancorp as of June 30, 2022?

As of June 30, 2022, U.S. Bancorp manages $591 billion in assets.

How many employees does U.S. Bancorp have?

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