Us Bancorp Stock Price, News & Analysis

Jose Barrios, owner of Royal Biscuit and Odessa Creamery in the Kansas City area, has realized his dream of owning restaurants with support from U.S. Bank. Barrios, who worked multiple jobs before opening his businesses, found guidance and financial services through U.S. Bank's Blue Springs North branch. The bank assisted with consumer checking accounts, business expansion planning, and credit card processing through Elavon.

Branch manager Jessica Jordan and Small Business Banking specialist Steve Sickmeyer have been instrumental in Barrios' success, providing personalized support and fostering a friendship beyond typical banking relationships. Barrios' philosophy of 'making friends, not customers' aligns with U.S. Bank's approach to client relationships. His success story highlights the importance of community support and perseverance in achieving entrepreneurial goals.

U.S. Bancorp (NYSE: USB) has announced a decrease in its prime lending rate from 8.50% to 8.00%. This change will take effect on September 19, 2024, and will be implemented across all U.S. Bank locations. The prime lending rate is a key benchmark used by banks to set interest rates for various financial products, including loans and credit lines. This reduction could potentially impact borrowing costs for consumers and businesses, as well as the bank's interest income.

U.S. Bank Foundation has awarded over $11.5 million in Community Possible grants to support local communities across the country. These grants focus on promoting play, arts, and cultural opportunities for underserved youth. Notable beneficiaries include:

1. Boys & Girls Clubs of the North Valley in California, supporting the Triple Play health and well-being program.

2. Puerto Rican Arts Alliance in Chicago, funding the Latin Music Project in 10 public schools.

In 2024, the U.S. Bank Foundation has provided over $23 million in Community Possible grants, with more planned throughout the year. The foundation aims to close gaps between people and possibility in the areas of work, home, and play.

Jo Murray, senior vice president in U.S. Bank's Global Corporate Trust, is preparing for 'The World's Toughest Row' in December 2025. This challenge involves rowing 3,000 miles across the Atlantic Ocean from the Canary Islands to the West Indies. Murray's team, 'The Only Way is Rowing,' consists of three women who have been training for over 18 months. The preparation includes securing a $100,000 specialized ocean rowing boat, extensive safety training, and physical conditioning. Murray balances this endeavor with her full-time role at U.S. Bank, where she leads the business management function within Corporate Trust in Europe. The team is also raising money for three nonprofits: Rewilding Britain, Wilderness Foundation UK, and Shelter.

U.S. Bancorp (NYSE: USB) has announced a $5 billion common stock repurchase program starting September 13, 2024, with repurchases beginning in early 2025. The company also declared a 2% increase in its quarterly dividend to $0.50 per common share, payable October 15, 2024. This brings the annual dividend to $2.00 per share. The repurchase program will be executed at the company's discretion, considering economic conditions and regulatory compliance. U.S. Bancorp may adjust capital distributions as needed, subject to Board approval. This program replaces the one approved on December 21, 2020. Additionally, the Board declared dividends on various series of preferred stock, all payable on October 15, 2024.

U.S. Bank's Thrive Thursday program is fostering employee engagement and connection across the company. The weekly virtual sessions, attended by over 1,000 team members, feature presentations on various topics including wellbeing, professional growth, and business spotlights. The program has expanded to include in-person watch parties and additional sessions on different days due to high demand.

Donte Turnage, a client relationship consultant in Cincinnati, credits Thrive Thursday for helping him overcome initial nervousness and feel more connected to colleagues. The program encourages active participation, with attendees engaging in chat discussions and Q&A sessions. Program host Sam Gonsalves emphasizes that Thrive Thursday's success stems from its focus on employee-led development and fostering a sense of belonging within the company culture and strategy.

U.S. Bank has introduced Paze℠, a new online checkout solution for eligible credit and debit cardholders. Paze offers a convenient shopping experience without manual card entry, new passwords, or third-party app downloads. The bank is promoting Paze usage through special offers and providing integration options for businesses via Elavon's Converge Payment Gateway.

Key features of Paze include:

• Enhanced security through card number tokenization
• Easy activation via U.S. Bank app or website
• No additional transaction fees for merchants
• Seamless integration for e-commerce businesses

U.S. Bank aims to deliver innovative, simple, and secure payment solutions to meet client expectations in online shopping.

Dru Christine Fabrics & Design, owned by Andrea "Dru" Thompson, is a versatile fashion hub in downtown Cleveland. The store offers a wide range of clothing and serves as a studio for sewing classes, wig making, and fashion design workshops for both adults and children. Thompson, a U.S. Bank customer since 2002, has expanded her relationship to include business banking services. With guidance from U.S. Bank Business Access Advisor Norlynn Story, Thompson recently completed a financial literacy course, leading to improved financial outcomes for her small business. Thompson praised U.S. Bank for recognizing and supporting her as a small business owner, emphasizing the personal value of her enterprise despite its size.

U.S. Bank has unveiled two new U.S. Bank Smartly® products: the U.S. Bank Smartly™ Visa Signature® Card and U.S. Bank Smartly® Savings. These products are designed to work together, offering up to 4% cash back on card purchases and up to 4.10% APY on savings with qualifying balances of $100,000 or more.

The credit card offers a baseline of 2% cash back on every purchase, which can increase based on the cardholder's combined average daily eligible balance. The savings account, available in all 50 states, offers competitive rates when paired with the Smartly Card or an eligible checking account. These new offerings complement the existing Bank Smartly® Checking and U.S. Bank Smartly® Rewards products.

U.S. Bank is also highlighting its digital banking capabilities, including its highly-rated mobile app, which allows for quick account opening, loan applications, and features like cobrowse technology and DIY direct deposit switching.