U.S. Bank Increases Prime Lending Rate to 8.00 Percent

Rhea-AI Summary

U.S. Bancorp (NYSE: USB) has increased its prime lending rate to 8.00% from 7.75% effective March 23, 2023. This change applies to all U.S. Bank locations and Union Bank locations, reflecting the company's strategy in adjusting to market conditions. With approximately 77,000 employees and $675 billion in assets as of December 31, 2022, U.S. Bancorp continues to serve a diverse customer base through various banking services. The company has garnered recognition for its ethical practices and customer service.

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• Increase in prime lending rate to 8.00%, reflecting market adaptability.

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• None.

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE: USB) announced it has increased its prime lending rate to 8.00 percent from 7.75 percent, at all U.S. Bank locations. The reference rate at all Union Bank locations will also increase to 8.00 percent from 7.75 percent. These changes are effective tomorrow, March 23, 2023.

About U.S. Bancorp:

U.S. Bancorp, with approximately 77,000 employees and $675 billion in assets as of December 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. 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/20230322005702/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?

The new prime lending rate for U.S. Bancorp is 8.00%, effective March 23, 2023.

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

U.S. Bancorp increased its prime lending rate on March 23, 2023.

What was the previous prime lending rate for U.S. Bancorp?

The previous prime lending rate for U.S. Bancorp was 7.75%.

How many employees does U.S. Bancorp have?

U.S. Bancorp has approximately 77,000 employees.

What are the total assets of U.S. Bancorp?

As of December 31, 2022, U.S. Bancorp has total assets of $675 billion.