U.S. Bancorp currently has five classes of depositary shares (representing interests in shares of preferred stock) and one trust preferred securities issues that are listed on the New York Stock Exchange. The following summarizes certain terms of these depositary shares and trust preferred securities and includes links to the relevant prospectus supplements for these securities. A potential investor should carefully read the relevant prospectus supplement and accompanying prospectus to understand fully the terms of these securities, as well as the tax and other considerations that are important in making a decision about whether to invest in one of these securities.

The reference rate on Series A Depository Shares, Series B Depository Shares, and USB Capital IX Income Trust Securities has transitioned to 3-month CME Term SOFR. See Press Release for more information.

Listed preferred stock depositary shares

Depositary shares each representing a 1/1,000th interest in a share of Series B non-cumulative perpetual preferred stock

Issuance Date: March 27, 2006
Initial Public Offering Price: $25.00 per depositary share
NYSE Symbol: USB.H
Earliest Permitted Redemption Date: April 15, 2011


Noncumulative Dividends: Paid quarterly in arrears on January 15, April 15, July 15 and October 15, when, as and if declared, at a rate per annum equal to the greater of

  • (i) 0.60% above three-month Term SOFR plus the tenor spread adjustment of 0.26161%¹
  • (ii) 3.50%

Liquidation Preference: $25 per depositary share

Prospectus supplement for the Series B Depositary Shares View full prospectus (opens in new window)

Depositary shares each representing a 1/100th interest in a share of Series A non-cumulative perpetual preferred stock

Issuance Date: June 10, 2010
Initial Public Offering Price: $1,000 per depositary share
NYSE Symbol: USB.A
Earliest Permitted Redemption Date: The later of April 15, 2011 or the stock purchase date following the remarketing of the 6.189% Fixed-to-Floating Rate Normal Income Trust Securities (the “Normal ITS”) of USB Capital IX


Noncumulative Dividends:

  • (i) Prior to April 15, 2011, paid semi-annually in arrears on April 15 and October 15 when, as and if declared, at a rate per annum equal to 7.189%
  • (ii) After April 15, 2011, paid quarterly in arrears on January 15, April 15, July 15 and October 15, when, as and if declared, at a rate per annum equal to the greater of:
    • (a) 1.02% above three-month Term SOFR plus the tenor spread adjustment of 0.26161%¹
    • (b) 3.50%

Liquidation Preference: $1,000 per depositary share

Prospectus and consent solicitation statement for the Series A Depository Shares View full prospectus (opens in new window)

Depositary shares each representing a 1/1,000th interest in a share of Series K non-cumulative perpetual preferred stock

Issuance Date: August 14, 2018
Initial Public Offering Price: $25.00 per depositary share
NYSE Symbol: USB.P
Earliest Permitted Redemption Date: October 15, 2023
Noncumulative Dividends: Paid quarterly in arrears on January 15, April 15, July 15 and October 15,
commencing on October 15, 2018, at a rate per annum equal to 5.50%
Liquidation Preference: $25 per depositary share

Prospectus and supplement for the Series K Depositary Shares View full prospectus (opens in new window)

Depositary shares each representing a 1/1,000th interest in a share of Series L non-cumulative perpetual preferred stock

Issuance Date: October 27, 2020
Initial Public Offering Price: $25.00 per depositary share
NYSE Symbol: USB.Q
Earliest Permitted Redemption Date: January 15, 2026
Noncumulative Dividends: Paid quarterly in arrears on January 15, April 15, July 15 and October 15
of each year, commencing on January 15, 2021, at a rate per annum equal to 3.75%
Liquidation Preference: $25 per depositary share

Prospectus and supplement for the Series L Depositary Shares View full prospectus (opens in new window)

Depositary shares each representing a 1/1,000th interest in a share of Series M non-cumulative perpetual preferred stock

Issuance Date: February 2, 2021
Initial Public Offering Price: $25.00 per depositary share
NYSE Symbol: USB.R
Earliest Permitted Redemption Date: April 15, 2026
Noncumulative Dividends: Paid quarterly in arrears on January 15, April 15, July 15 and October 15
of each year, commencing on April 15, 2021, at a rate per annum equal to 4.00%
Liquidation Preference: $25 per depositary share

Prospectus and supplement for the Series M Depositary Shares View full prospectus (opens in new window)

Depositary shares each representing a 1/1,000th interest in a share of Series O non-cumulative perpetual preferred stock

Issuance Date: February 9, 2022
Initial Public Offering Price: $25.00 per depositary share
NYSE Symbol: USB.S
Earliest Permitted Redemption Date: April 15, 2027
Noncumulative Dividends: Paid quarterly in arrears on January 15, April 15, July 15 and October 15
of each year, commencing on April 15, 2022, at a rate per annum equal to 4.50%
Liquidation Preference: $25 per depositary share

Prospectus and supplement for the Series O Depositary Shares View full prospectus (opens in new window)

Listed trust preferred securities issues

USB capital IX 6.189% fixed-to-floating rate normal income trust securities (“Normal ITS”)

Issuance Date: March 17, 2006
Initial Public Offering Price: $1,000.00
NYSE Symbol: USB.TP
Maturity Date: No stated maturity
Earliest Permitted Redemption Date: The later of April 15, 2011 or the stock purchase date following the
remarketing of the Normal ITS. The Normal ITS have no stated maturity but must be redeemed on the date
we redeem our Series A Non-Cumulative Perpetual Preferred Stock.

Distributions:

  • (i) Prior April 15, 2011, paid semi-annually in arrears on April 15 and October 15 when, as and if declared, at a rate per annum equal to 6.189%.
  • (ii) After April 15, 2011, paid quarterly in arrears on January 15, April 15, July 15 and October 15, when, as and if declared, at a rate per annum equal to the greater of:
    • (a) 1.02% above three-month Term SOFR plus the tenor spread adjustment of 0.26161%¹
    • (b) 3.50%

Prospectus and supplement for USB Capital IX View full prospectus (opens in new window)

¹ See Press Release for more information on Term SOFR and the tenor spread adjustment.