U.S. Bank Increases Prime Lending Rate to 6.25 Percent

Rhea-AI Summary

U.S. Bancorp has announced an increase in its prime lending rate from 5.50% to 6.25%, effective September 22, 2022, across all U.S. Bank locations. The organization, which employs approximately 70,000 staff and holds $591 billion in assets as of June 30, 2022, provides a diverse range of financial services including Consumer and Business Banking, Payment Services, and Wealth Management. U.S. Bancorp has been recognized for its commitment to digital innovation and social responsibility, being listed among the 2022 World’s Most Ethical Companies.

Positive

• Increased prime lending rate to 6.25% may enhance interest income.
• Recognition as one of the 2022 World’s Most Ethical Companies boosts brand reputation.

Negative

• Higher lending rates may reduce borrowing demand and customer activity.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 6.25 percent from 5.50 percent, effective tomorrow, September 22, 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/20220921005970/en/

Investor contact:

George Andersen, Director of Investor Relations, U.S. Bancorp Investor Relations – 612.303.3620, george.andersen@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 6.25% from 5.50%, effective September 22, 2022.

When did U.S. Bancorp announce the change in its lending rate?

The change in the prime lending rate was announced on September 21, 2022, and takes effect on September 22, 2022.

How many employees does U.S. Bancorp have?

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

What are the assets held by U.S. Bancorp?

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

What recognition did U.S. Bancorp receive in 2022?

U.S. Bancorp was recognized as one of the 2022 World’s Most Ethical Companies.