8-K
US BANCORP \DE\ Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) Depositary Shares (each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00) Depositary Shares (each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock, par value $1.00) Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00) false 0000036104 0000036104 2019-11-08 2019-11-08 0000036104 us-gaap:CommonStockMember 2019-11-08 2019-11-08 0000036104 us-gaap:SeriesAPreferredStockMember 2019-11-08 2019-11-08 0000036104 us-gaap:SeriesBPreferredStockMember 2019-11-08 2019-11-08 0000036104 us-gaap:SeriesFPreferredStockMember 2019-11-08 2019-11-08 0000036104 us-gaap:SeriesHPreferredStockMember 2019-11-08 2019-11-08 0000036104 usb:SeriesKPreferredStockMember 2019-11-08 2019-11-08 0000036104 us-gaap:MediumTermNotesMember 2019-11-08 2019-11-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report: November 8, 2019

(Date of earliest event reported)

 

U.S. BANCORP

(Exact name of registrant as specified in its charter)

 

Delaware

(State or other jurisdiction of incorporation)

1-6880

 

41-0255900

(Commission file number)

 

(IRS Employer Identification No.)

800 Nicollet Mall

Minneapolis, Minnesota 55402

(Address of principal executive offices, including zip code)

(651) 466-3000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

symbol

 

Name of each exchange

on which registered

Common Stock, $.01 par value per share

 

USB

 

New York Stock Exchange

Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)

 

USB PrA

 

New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)

 

USB PrH

 

New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00)

 

USB PrM

 

New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock, par value $1.00)

 

USB PrO

 

New York Stock Exchange

Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00)

 

USB PrP

 

New York Stock Exchange

0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024

 

USB/24B

 

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 


Item 8.01. Other Events.

On November 12, 2019, U.S. Bancorp announced that it had received approval from the Board of Governors of the Federal Reserve System for an incremental share repurchase plan to be executed in conjunction with its current share repurchase authorization. As result of this approval, U.S. Bancorp’s board of directors has approved an authorization to repurchase up to an additional $2.5 billion of its outstanding common stock prior to June 30, 2020, in addition to the $3.0 billion common stock repurchase authorization which was announced on June 27, 2019. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated into this Item 8.01 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.
         
 

99.1

   

Press release dated November 12, 2019.

         
 

104

   

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

U.S. BANCORP

     

    By:

 

/s/ James L. Chosy

 

James L. Chosy

 

Executive Vice President and General Counsel

Date: November 12, 2019

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EX-99.1

Exhibit 99.1

 

 

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News Release

U.S. Bancorp Receives Approval from Federal Reserve Board of Governors for Additional Capital Distribution

MINNEAPOLIS (November 12, 2019) – U.S. Bancorp (NYSE: USB) announced today that it has received approval from the Federal Reserve Board of Governors for an incremental share repurchase plan to be executed in conjunction with its current share repurchase authorization.

As a result, the company’s board of directors has approved an authorization, effective immediately, to repurchase up to $2.5 billion of its outstanding common stock, which is incremental to its current authorization of up to $3 billion. The stock may be repurchased in the open market or in privately negotiated transactions through June 30, 2020. The acquired shares will be held as treasury shares and may be reissued for various corporate purposes.

“This capital distribution reflects our ability to prudently manage capital as we respond to changes in the regulatory landscape, while continuing to invest in our future,” said Andy Cecere, chairman, president and CEO of U.S. Bancorp.

About U.S. Bank

U.S. Bancorp, with 74,000 employees and $488 billion in assets as of September 30, 2019, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical Company. Visit U.S. Bank at usbank.com or follow on social media to stay up to date with company news.

Forward-looking statements

The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements about U.S. 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 to, and assumptions and estimates made by, management as of the date hereof. The forward-looking statements contained in this press release include, among other things, anticipated U.S. Bancorp capital distributions by share repurchases. There can be no assurance that U.S. Bancorp will return this or any amount of capital to its shareholders in the form of share repurchases in the future.

Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. Deterioration in general business and economic conditions or turbulence in domestic or global financial markets could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities, reduce the availability of funding to certain financial institutions, lead to a tightening of credit, and increase stock price volatility. Stress in the commercial real estate markets, as well as a downturn in the residential real estate markets, could cause credit losses and deterioration in asset values. In addition, changes to statutes, regulations, or regulatory policies or practices could affect U.S. Bancorp in substantial and unpredictable ways. U.S. Bancorp’s results could also be

 

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adversely affected by changes in interest rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of its investment securities; legal and regulatory developments; litigation; increased competition from both banks and non-banks; changes in the level of tariffs and other trade policies of the United States and its global trading partners; changes in customer behavior and preferences; breaches in data security; failures to safeguard personal information; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, market risk, operational risk, compliance risk, strategic risk, interest rate risk, liquidity risk and reputational risk.

For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2018, on file with the Securities and Exchange Commission, including the sections entitled “Corporate Risk Profile” and “Risk Factors” contained in Exhibit 13, and all 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. In addition, factors other than these risks also could adversely affect U.S. Bancorp’s results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

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Source: U.S. Bancorp

Investor contact: Jennifer Thompson, U.S. Bancorp Investor Relations

jen.thompson@usbank.com, 612.303.0778, @usbank_news

Media contact: Rebekah Fawcett, U.S. Bancorp Public Affairs and Communications

rebekah.fawcett@usbank.com, 612.303.9986, @usbank_news

 

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