US Bancorp is pleased to announce the redemption of all outstanding custodian shares representing portions of its non-cumulative perpetual preferred stock
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MINNEAPOLIS – (BUSINESS WIRE) – US Bancorp announced today that it will redeem on April 15, 2021 all outstanding non-cumulative Series I Preferred Stock with a par value of $ 1.00 per share (the “Series I Preferred Stock”) will. and the corresponding Depositary Shares, each representing 1/25 of a share of Series I Preferred Stock (the “Series I Depositary Shares”). Series I preference shares will be redeemed at a redemption price of $ 25,000 per share (equivalent to $ 1,000 per Series I depositary share). Since the redemption day is also a dividend payment day, the redemption price does not include any declared and unpaid dividends. The regular quarterly dividend for the entire current quarterly dividend period from January 15, 2021 (inclusive) to April 15, 2021 (exclusive) will be paid separately on April 15, 2021 in the customary manner to the holders registered on March 31. 2021.
The Series I Depositary Shares (CUSIP No. 902973AY2) are held by the Depository Trust Company (“DTC”) and are redeemed in accordance with the DTC’s procedures. Upon redemption, the Series I Preference Shares and Series I Depositary Shares will no longer be outstanding and all rights in respect of such Shares and Depositary Shares will expire and lapse, with the exception of the right to payment of the redemption price.
Payment to DTC is made by the US Bank National Association, the US Bancorp’s redemption facility for Series I Depositary Shares. If you have any questions about the redemption of Series I Depositary Shares or the related procedures, please contact the US Bank National Association, 111 Fillmore Avenue East, St. Paul, MN 55107-1402, Attention: Corporate Trust Services, Telephone: (800) 934 -6802.
This press release does not constitute a redemption notice within the meaning of the Certificate of Designation for the Series I Preferred Shares or the deposit agreement for the Series I Depository Shares and is fully qualified by reference to the US Bancorp Redemption Notice.
About US Bancorp
US Bancorp is the parent company of the US Bank National Association, the fifth largest commercial bank in the United States, with nearly 70,000 employees and assets of $ 554 billion as of December 31, 2020. The Minneapolis-based bank combines its relationship teams, branches and ATM network with digital tools that enable customers to bank when, where and how they want. US Bank strives to serve as a trusted and responsible financial partner to its millions of retail, business, asset management, payments, corporate, corporate and investment clients across the country and around the world. This commitment continues to earn a spot on the Ethisphere Institute’s list of the world’s most ethical companies and places US Bank in the top 5% of global companies on the CDP-A list for climate action. visit usbank.com for more.
“Safe Harbor” declaration under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements about US Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available, as well as assumptions and estimates made by management as of the date thereof. The forward-looking statements contained in this press release include, among other things, the anticipated redemption by US Bancorp of the Series I Preference Shares and the corresponding Series I Depository Shares. There can be no assurance that US Bancorp will complete the redemption.
These forward-looking statements may include anticipated future revenues and expenses, future plans and prospects for US Bancorp. Forward-looking statements involve inherent risks and uncertainties and important factors could cause actual results to differ materially from those anticipated. The COVID-19 pandemic is having a negative impact on US Bancorp, its customers, counterparties, employees and third party service providers, and the ultimate extent of the impact on its business, financial condition, results of operations, liquidity and prospects is uncertain. A continued deterioration in the general business and economic situation or turbulence in the domestic or global financial markets could adversely affect US Bancorp’s revenues and the value of its assets and liabilities, reduce the availability of funds for certain financial institutions, lead to a tightening of lending and an increase in volatility in the share price. In addition, changes in laws, regulations, or regulatory guidelines or practices can materially and unpredictably affect US Bancorp. US Bancorp’s results could also be affected by changes in interest rates; further increase in unemployment rates; Deterioration in the credit quality of its loan portfolios or the value of the collateral backing those loans; Deterioration in the value of its securities; legal and regulatory developments; Litigation; increased competition from both banks and non-banks; civil unrest; Changes in customer behavior and preferences; Data security breaches; Failure to protect personal data; Effects of mergers and acquisitions and related integration; Effects of critical accounting policies and assessments; and the ability of management to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputational risk.
For a discussion of these and other risks that could cause actual results to differ from expectations, see US Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission including the sections entitled “Company Risk Profile” and “Risk Factors” in Appendix 13 and any subsequent filings with the Securities and Exchange Commission under Sections 13 (a), 13 (c), 14 or 15 (d) of the Securities Exchange Act of 1934 Additionally, factors other than these risks could adversely affect US Bancorp’s results, and the reader should not view these risks as a complete collection of all potential risks or uncertainties. Forward-looking statements speak only as of the date of this release and US Bancorp assumes no obligation to update them in light of new information or future events.
Investor contact: Jennifer Thompson, US Bancorp Investor Relations
[email protected], 612.303.0778, @usbank_news
Media contact: Jeff Shelman, US Bancorp Public Affairs and Communications
[email protected], 612.422.1423, @usbank_news
Source: US Bancorp