U.S. Bancorp (USB) director reports new deferred stock unit award

Rhea-AI Filing Summary

U.S. Bancorp director Richard P. McKenney reported a routine deferred compensation transaction tied to company stock. On 12/26/2025, he acquired 82 derivative securities through a Deferred Compensation Plan Participation at a reference price of $54.99 per unit. These derivatives represent rights to receive U.S. Bancorp common stock.

After this transaction, McKenney beneficially owned 31,191 derivative securities linked to U.S. Bancorp common stock. The plan is payable in common stock when he ceases to serve on the company’s Board of Directors, and the reported holdings include amounts acquired through dividend reinvestment.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McKenney Richard P

(Last) (First) (Middle)

C/O U.S. BANCORP

800 NICOLLET MALL

(Street)

MINNEAPOLIS MN 55402

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
US BANCORP \DE\ [ USB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Compensation Plan Participation	(1)	12/26/2025		A		82		(1)	(1)	Common Stock, $0.01 par value	82	$54.99	31,191(2)	D

Explanation of Responses:

1. Deferred Compensation Plan Participation is payable in common stock when the reporting person ceases to serve on U.S. Bancorp's Board of Directors.

2. Includes amounts acquired pursuant to dividend reinvestment.

	/s/ James L. Chosy by power of attorney for Richard P. McKenney	12/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did U.S. Bancorp (USB) report for Richard P. McKenney?

Richard P. McKenney, a director of U.S. Bancorp, reported acquiring 82 derivative securities on 12/26/2025 through a Deferred Compensation Plan Participation tied to U.S. Bancorp common stock.

How many U.S. Bancorp-related derivative securities does Richard P. McKenney now beneficially own?

Following the reported transaction, Richard P. McKenney beneficially owned 31,191 derivative securities linked to U.S. Bancorp common stock, as disclosed in the filing.

What is the nature of the derivative securities reported by U.S. Bancorp (USB)?

The derivative securities are Deferred Compensation Plan Participation units that are payable in U.S. Bancorp common stock when McKenney ceases to serve on the company’s Board of Directors.

At what price was the new Deferred Compensation Plan Participation recorded for USB?

The 82 derivative securities acquired on 12/26/2025 under the Deferred Compensation Plan Participation were reported at a price of $54.99 per unit.

Does the reported U.S. Bancorp (USB) derivative holding include dividend reinvestment?

Yes. The disclosure states that the 31,191 derivative securities beneficially owned by McKenney include amounts acquired pursuant to dividend reinvestment.

When will Richard P. McKenney receive U.S. Bancorp common stock from the deferred compensation units?

According to the explanation, the Deferred Compensation Plan Participation is payable in common stock when McKenney ceases to serve on U.S. Bancorp’s Board of Directors.