U.S. Bancorp announces redemption of all outstanding depositary shares representing interests in its Series I non-cumulative perpetual preferred stock
U.S. Bancorp announced today that it will redeem on April 15, 2021 all of its outstanding Series I Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (the “Series I Preferred Stock”), and the corresponding depositary shares, each representing a 1/25th interest in a share of the Series I Preferred Stock (the “Series I Depositary Shares”). The Series I Preferred Stock will be redeemed at a redemption price per share equal to $25,000 (equivalent to $1,000 per Series I Depositary Share). Because the redemption date is also a dividend payment date, the redemption price does not include any declared and unpaid dividends. The regular quarterly dividend for the full current quarterly dividend period from, and including, January 15, 2021 to, but excluding, April 15, 2021 will be paid separately in the customary manner on April 15, 2021 to holders of record on March 31, 2021.
The Series I Depositary Shares (CUSIP No. 902973AY2) 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 I Preferred Stock and the Series I 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.
Payment to DTC will be made by U.S. Bank National Association, U.S. Bancorp’s redemption agent for the Series I Depositary Shares. Questions regarding redemption of the Series I Depositary Shares or the procedures therefor may be referred to U.S. Bank National Association at 111 Fillmore Avenue East, St. Paul, MN 55107-1402, Attention: Corporate Trust Services, Telephone No.: (800) 934-6802.
This news release does not constitute a notice of redemption under the certificate of designations governing the Series I Preferred Stock or the deposit agreement governing the Series I Depositary Shares and is qualified in its entirety by reference to the notice of redemption issued by U.S. Bancorp.
About U.S. Bancorp
U.S. Bancorp, with nearly 70,000 employees and $554 billion in assets as of December 31, 2020, 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 digital tools that allow customers to bank when, where and how they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial, corporate, and investment customers across the country and around the world as a trusted and responsible financial partner. This commitment continues to earn a spot on the Ethisphere Institute’s World’s Most Ethical Companies list and puts U.S. Bank in the top 5% of global companies assessed on the CDP A List for climate change action. Visit usbank.com for more.