Us Bancorp Stock Price, News & Analysis

U.S. Bancorp (NYSE: USB) has announced a reduction in its prime lending rate from 8.00% to 7.75%. The new rate will be implemented across all U.S. Bank locations starting November 8, 2024.

U.S. Bank's Small Business specialist sales manager Pete Bardonaro combines his professional expertise with community service as president of the Englewood Little League's Challenger Baseball League in Dayton, Ohio. The adaptive league serves children with disabilities aged 4 to 22, creating custom solutions like mechanical bats to enable participation. This initiative is featured in U.S. Bank's 'Beyond the Banker' series, which highlights employees' community involvement outside their banking roles.

U.S. Bank and Operation HOPE have partnered to launch a new HOPE Inside Financial Wellness initiative at the Slauson and Crenshaw branch in Los Angeles. The program features Christopher Santiago as the financial coach, offering free financial education and coaching services to community members and small businesses. The branch, designated as U.S. Bank's first Black Heritage Community branch, includes a dedicated Community room reflecting the Crenshaw District's cultural heritage.

The partnership aims to improve financial wellness for low- and moderate-income families through the HOPE 700-Credit-Score-Communities initiative, offering monthly workshops and one-on-one coaching sessions. This location is part of U.S. Bank's expansion in California, with a total of 10 HOPE Inside locations across six states providing free credit and money management education.

U.S. Bank hosted a signature employee celebration of Hispanic Heritage Month at the National Museum of Mexican Art in Chicago's Pilsen neighborhood. The event featured discussions about Hispanic culture and success, with over 125 employees attending in person and hundreds more via livestream. The U.S. Bank Foundation has invested nearly $200,000 in the museum since 2018, supporting its 20,000-piece collection and educational programs. The bank is expanding its Hispanic-focused initiatives through U.S. Bank Access Commitment®, including hiring bilingual mortgage loan officers and Business Access Advisors, and developing Spanish-language services like Asitente Inteligente.

U.S. Bancorp (NYSE: USB) has announced that Senior Executive Vice President and CFO John Stern and Senior Executive Vice President Stephen Philipson, Head of Wealth, Corporate, Commercial and Institutional Banking, will present at the BancAnalysts Association of Boston Conference. The presentation is scheduled for November 7 at 10:30 a.m. ET in Boston. The event will be available via live audio webcast in the 'Webcasts and Presentations' section of U.S. Bank's Investor Relations website, with a replay available afterward.

The U.S. Bank Freight Payment Index reports continued contraction in truck freight shipments and spending during Q3, though at a slower pace. Shipments decreased 1.9% quarter-over-quarter, marking the ninth consecutive quarterly decline, while spending dropped 1.4%. Regional variations were significant, with the West showing growth (shipments +1.1%, spending +4.4%) while the Southeast declined (shipments -3.0%, spending -3.3%). The Southwest experienced the largest quarterly volume decline at -7.2%. Year-over-year, both national shipments and spending were down approximately 21%.

U.S. Bancorp announced key leadership and structural changes to its payments business. CFO John Stern will now report directly to CEO Andy Cecere. The Payment Services business will be reorganized into two divisions: Payments: Merchant and Institutional (PMI) and Payments: Consumer and Small Business (PCS). Mark Runkel will lead the PMI business starting January, while the company actively recruits for the PCS head position, expected to be filled by first half of 2025. These changes come as Vice Chair of Payment Services Shailesh Kotwal prepares for retirement in first half of next year.

Elavon, a U.S. Bank subsidiary and global payment processor, has launched its unified cloud-based Elavon Payment Gateway. This omni-commerce solution enables merchants to accept payments in-store, online, and via mobile devices on a single global platform. The gateway features include omnichannel integration, comprehensive APIs, global reach, advanced security, and data-driven insights. It supports digital wallets like Paze, Apple Pay, and Google Pay, while offering value-added services such as Dynamic Currency Conversion and Recurring Payment Subscriptions. The solution is currently available for small businesses in the US market.

U.S. Bank and PGA Tour pro Collin Morikawa are expanding access for youth golfers through the Birdie Challenge. For every birdie Morikawa makes during the season, U.S. Bank donates five memberships to Youth on Course, a nonprofit that offers affordable golfing opportunities for young people. So far, Morikawa's 325 birdies have resulted in 1,625 memberships being donated.

U.S. Bank employees are also contributing through the 100 Hole Hike challenge, which has led to 2,700 holes golfed and additional donations. The initiative aims to make golf more accessible and affordable for youth, with Youth on Course offering rounds for as little as $5 at thousands of courses nationwide.

The partnership between U.S. Bank, Morikawa, and Youth on Course is helping to grow the game inclusively and create opportunities for the next generation of golfers.