U.S. Bank Increases Prime Lending Rate to 7.00 Percent

Rhea-AI Summary

U.S. Bancorp (NYSE: USB) has announced an increase in its prime lending rate from 6.25% to 7.00%, effective November 3, 2022. This adjustment reflects the bank's response to market conditions. As of September 30, 2022, U.S. Bancorp manages $601 billion in assets and employs nearly 70,000 individuals. The company is recognized for its diversified services in consumer and business banking, payment services, and wealth management, and has received accolades for its commitment to digital innovation and social responsibility.

Positive

• Increase in prime lending rate may lead to higher interest income.
• U.S. Bancorp has a solid asset base of $601 billion, signaling financial stability.

Negative

• Raising the prime lending rate could deter borrowing and impact loan volumes.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 7.00 percent from 6.25 percent, effective tomorrow, November 3, 2022, at all U.S. Bank locations.

About U.S. Bancorp:

U.S. Bancorp with nearly 70,000 employees and $601 billion in assets as of September 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 2021 World’s Most Ethical Companies. Learn more at usbank.com/about.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221102006059/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 as of November 3, 2022?

The new prime lending rate for U.S. Bancorp is 7.00%, up from 6.25%.

How does the increase in prime lending rate affect U.S. Bancorp?

An increase in the prime lending rate can enhance interest income for U.S. Bancorp but may also reduce borrowing demand.

What are the assets managed by U.S. Bancorp as of September 30, 2022?

U.S. Bancorp manages approximately $601 billion in assets as of September 30, 2022.

How many employees does U.S. Bancorp have?

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

What services does U.S. Bancorp offer?

U.S. Bancorp offers a diversified mix of services, including consumer banking, payment services, corporate banking, and wealth management.