MINNEAPOLIS--(BUSINESS WIRE)--Mar. 3, 2017--
U.S. Bancorp today announced that it has provided notice of its intent
to redeem on April 15, 2017, all of its outstanding Series G
Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (the
“Series G Preferred Stock”), and the corresponding depositary shares,
each representing a 1/1,000th interest in a share of the Series G
Preferred Stock (the “Series G Depositary Shares”). The Series G
Preferred Stock will be redeemed at a redemption price per share equal
to $25,000 (equivalent to $25 per Series G Depositary Share). Because
the redemption date is also a dividend payment date, the redemption
price does not include any accrued and unpaid dividends. The regular
quarterly dividends, in an amount equal to $375.00 per share of Series G
Preferred Stock (equivalent to $0.375 per Series G Depositary Share),
for the full current quarterly dividend period from and including
January 15, 2017, to but excluding April 15, 2017, will be paid
separately in the customary manner to holders of record on March 31,
2017. Because April 15, 2017 is not a business day, both the redemption
price and the regular quarterly dividends will be paid, separately, on
the next succeeding business day, April 17, 2017.
All Series G Depositary Shares (NYSE: USB.PrN) are held in book-entry
form through The Depository Trust Company (“DTC”) and will be redeemed
in accordance with the procedures of DTC. Upon redemption, the Series G
Preferred Stock and the Series G Depositary Shares will no longer be
outstanding and all rights with respect to such stock and depositary
shares will cease and terminate, except the right to payment of the
redemption price plus accrued and unpaid dividends. Also upon
redemption, the Series G Depositary Shares will be delisted from trading
on the New York Stock Exchange.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $446 billion in assets
as of December 31, 2016, is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the United States. The
Company operates 3,106 banking offices in 25 states and 4,842 ATMs and
provides a comprehensive line of banking, investment, mortgage, trust
and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170303005616/en/
Source: U.S. Bancorp
U.S. Bancorp
Jennifer Thompson, 612-303-0778
U.S. Bank
Investor Relations
jen.thompson@usbank.com
or
Dana
Ripley, 612-303-3167
U.S. Bank Corporate Communications
dana.ripley@usbank.com
Twitter
@usbank_news