SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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|Item 5.02.|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 24, 2023, the Board of Directors of U.S. Bancorp (the “Company”) elected Alan B. Colberg as a director of the Company, effective immediately. Mr. Colberg will serve on the Audit and Public Responsibility Committees. He will receive compensation in accordance with the Company’s standard compensation arrangements for non-employee directors, which are described under the heading “Director compensation” in the Company’s definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on March 8, 2022.
A copy of the press release issued by the Company on January 24, 2023, announcing Mr. Colberg’s election to the Board of Directors is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In addition, on January 24, 2023, Olivia F. Kirtley, a director of the Company, notified the Company of her decision to retire from the Company’s Board of Directors following expiration of her current term at the Company’s 2023 Annual Meeting of Shareholders. Ms. Kirtley’s decision to retire, after reaching the age of 72, was for personal reasons and not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
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Financial Statements and Exhibits.
|99.1||Press release dated January 24, 2023|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
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.
/s/ James L. Chosy
James L. Chosy
Senior Executive Vice President and General Counsel
Date: January 24, 2023
Alan B. Colberg Joins U.S. Bancorp Board of Directors
MINNEAPOLIS (January 24, 2023) - U.S. Bancorp announced today that its board of directors elected Alan B. Colberg as a director of the company, effective immediately. He will serve on U.S. Bancorps Audit and Public Responsibility Committees.
Colberg, 61, served as Chief Executive Officer and as a member of the board of directors of Assurant, Inc., from January 2015 until December 2021, and as its president from 2014 to May 2021, prior to his retirement from Assurant in January 2022. Prior to those roles, he served as Assurants Executive Vice President of Marketing and Business Development. Before joining Assurant in 2011, he spent more than 20 years at Bain & Company, Inc., including leading its global financial services practice.
Alan brings deep financial services and risk management experience to our Board, which will benefit U.S. Bank as we continue to grow, said Andy Cecere, U.S. Bancorp chairman, president and CEO. In particular, his experience with innovative products aimed at helping customers will be of benefit to our Board and our Managing Committee.
Colberg is also a member of the Board of Directors of Corebridge Financial, Inc., formerly AIG Life & Retirement.
About U.S. Bank
U.S. Bancorp, with approximately 70,000 employees and more than $601 billion in assets as of September 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. Union Bank consisting primarily of retail banking branches on the West Coast, joined U.S. Bancorp in 2022. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2022 Worlds Most Ethical Companies and Fortunes most admired superregional bank. Learn more at usbank.com/about.
Investor contact: George Andersen, U.S. Bancorp Investor Relations email@example.com, 612.303.3620
Media contact: Jeff Shelman, U.S. Bancorp Public Affairs and Communications Jeffrey.firstname.lastname@example.org, 612.303.9933, @usbank_news
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