U.S. Bank Increases Prime Lending Rate to 7.50 Percent

Rhea-AI Summary

U.S. Bancorp has announced an increase in its prime lending rate from 7.00% to 7.50%, applicable at all U.S. Bank and Union Bank locations. This change takes effect on December 15, 2022. The bank, which employs approximately 70,000 people and holds about $601 billion in assets, offers a variety of services including Consumer and Business Banking, Payment Services, and Wealth Management. The increase in the prime rate may impact borrowing costs for consumers and businesses.

Positive

• Increased prime lending rate may enhance interest income.
• Reflects strong economic conditions prompting higher lending rates.

Negative

• Higher rates could deter borrowing among consumers and businesses.
• Potential reduction in loan demand may affect overall growth.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 7.50 percent from 7.00 percent, at all U.S. Bank locations. The reference rate at all Union Bank locations will also increase to 7.50 percent from 7.00 percent. These changes are effective tomorrow, December 15, 2022.

About U.S. Bancorp:

U.S. Bancorp, with approximately 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. Union Bank, consisting primarily of retail banking branches on the West Coast, joined U.S. Bancorp in 2022. 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/20221214005976/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 December 15, 2022?

The new prime lending rate for U.S. Bancorp is 7.50%, increased from 7.00%.

When does the new prime lending rate for U.S. Bancorp take effect?

The new prime lending rate takes effect on December 15, 2022.

How many employees does U.S. Bancorp have?

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

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

As of September 30, 2022, U.S. Bancorp has total assets of $601 billion.

What services does U.S. Bancorp offer?

U.S. Bancorp offers services including Consumer and Business Banking, Payment Services, Corporate Banking, and Wealth Management.