Us Bancorp Stock Price, News & Analysis

U.S. Bancorp (USB) has announced the release of its second quarter 2024 financial results. The company has made the earnings release, earnings supplement, and slide presentation available on their investor relations website. A conference call to review the financial results is scheduled for 7 a.m. Central Time, hosted by Chairman and CEO Andy Cecere and Senior Executive VP and CFO John Stern.

Interested parties can access the webcast and presentation through the U.S. Bancorp website. For those wishing to join the conference call, the following dial-in numbers are provided:

• Within the United States and Canada: 888-210-4659
• Outside the United States and Canada: 646-960-0383

The conference ID for all participants is 7269933.

U.S. Bancorp (USB) has announced the election of Aleem Gillani to its Board of Directors, effective immediately. Gillani, 62, will serve on the Audit Committee and Risk Management Committee. He brings extensive financial services and risk management experience, having previously served as Chief Financial Officer of SunTrust Banks from 2011 to 2018. Gillani's background includes roles as corporate treasurer and chief market risk officer at SunTrust, as well as similar positions at PNC Financial Services Group and FleetBoston Financial.

U.S. Bancorp Chairman and CEO Andy Cecere highlighted Gillani's expertise in financial reporting, accounting, and financial risk management as valuable assets for the company's growth strategy. Gillani is also a current board member of Freddie Mac and has been involved with the Risk Management Association, including serving as the founding chair of its Market Risk Council.

On July 9, 2024, the U.S. Bank Foundation announced the allocation of $11.75 million in Community Possible grants to over 350 nonprofit organizations across the United States. The funding aims to bolster economic development, affordable housing, and cultural enrichment. Notable beneficiaries include the Girl Scouts of Colorado, which launched a bilingual financial literacy program, and the Armed Services YMCA of San Diego, which supports military families with childcare and educational resources. These grants are part of U.S. Bank’s strategy to create lasting community impact through volunteerism and financial support. In 2023, U.S. Bank and its foundation contributed a total of $96.4 million to various causes.

U.S. Bancorp (NYSE: USB) reported its results for the Federal Reserve's Dodd-Frank Act Stress Test (DFAST). The 2024 stress test results project a preliminary stress capital buffer (SCB) of 3.1% for October 1, 2024, to September 30, 2025. This SCB, combined with the Basel III Common Equity Tier 1 (CET1) capital minimum of 4.5%, requires a CET1 ratio of at least 7.6%. As of March 31, 2024, U.S. Bancorp's CET1 ratio was 10.0%, reflecting robust capital levels.

The company plans to increase its quarterly common stock dividend by 2%, from $0.49 to $0.50 per share, starting in the fourth quarter of 2024, pending Board approval. Share repurchases remain suspended, with future evaluations contingent on regulatory capital requirements and Board approval.

CEO Andy Cecere highlighted that the stress test results affirm U.S. Bancorp's strong capital position and readiness to manage economic downturns. Detailed DFAST results are available on the company's website.

U.S. Bancorp Impact Finance, in collaboration with the Metropolitan Economic Development Association (MEDA), has provided important financing to help Tomme Beevas open his latest restaurant, Pimento on the Lake, in Minneapolis. Beevas, inspired by his grandmother's entrepreneurial spirit and culinary skills in Jamaica, has grown his business since 2012 to five locations. The recent financing deal, closed in August 2023, addresses the challenges small and minority-owned businesses face in accessing affordable capital. This partnership has enabled Beevas to expand and offer more job opportunities to the community. Eight months post-opening, Pimento on the Lake is experiencing increased customer traffic, particularly with the arrival of summer in Minnesota.

U.S. Bancorp (NYSE: USB) announced the departure of Tim Welsh, vice chair of Consumer and Business Banking, after seven years of service. Welsh will focus on community activities and other career interests. He will stay until July and then serve in an advisory role through October. Arijit Roy will assume an expanded role, overseeing Consumer and Business Banking products. Roy joined U.S. Bank in 2022 and has previous leadership experience at Truist, Discover Financial Services, and McKinsey and Company. Additional leadership includes Sekou Kaalund, head of Branch Banking, and Tom Wind, head of Consumer Lending.

U.S. Bank has entered into partnerships with over 40 state and local housing finance agencies (HFAs) to provide HFA loans aimed at supporting first-time and low-to-moderate-income homebuyers. These loans are designed to offer downpayment and closing cost assistance, making homeownership more accessible. U.S. Bank has already helped 3,500 first-time homebuyers in Ohio through this initiative. The bank works with local lenders and agencies in collaboration with Fannie Mae, Freddie Mac, and Ginnie Mae to service these loans. This initiative underscores U.S. Bank's commitment to sustainable homeownership and providing ongoing support to homeowners.

U.S. Bancorp (NYSE: USB) will announce its second quarter 2024 earnings results before the market opens on Wednesday, July 17, 2024. Chairman and CEO Andy Cecere and CFO John Stern will host a conference call at 7 a.m. CT to review the financial results. The call will be accessible online through the U.S. Bancorp website, or via telephone for participants in the U.S., Canada, and other regions. For those unable to join the live call, a replay will be available on the U.S. Bancorp website starting around 10 a.m. CT on the same day.

Elavon has introduced the Elavon Cloud Payments Interface, a new API aimed at the hospitality industry. It is designed to streamline both digital and in-person payment experiences for hotels and related businesses. This API enhances guest experiences by simplifying payments everywhere within the hotel, from check-in to check-out, and supports real-time data synchronization. The system is cloud-based, scales easily across multiple locations, and ensures PCI compliance. Key features include full support for contactless and mobile payments, fraud protection, and seamless integration with third-party payment providers.