Exhibit 99.1
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 atusbank.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
