UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
J une 25, 2020 Date of Report: June 29, 2020
(Date of earliest event reported)
June 25, 2020
u.s. bancorp
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
| | |
1-6880 | | 41-0255900 |
(Commission file number) | | (IRS Employer Identification No.) |
800 Nicollet Mall
Minneapolis, Minnesota 55402
(Address of principal executive offices, including zip code)
(651) 466-3000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| | | | |
Title of each class | | Trading symbol | | Name of each exchange on which registered |
Common Stock, $.01 par value per share | | USB | | New York Stock Exchange |
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00) | | USB PrA | | New York Stock Exchange |
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00) | | USB PrH | | New York Stock Exchange |
Depositary Shares (each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00) | | USB PrM | | New York Stock Exchange |
Depositary Shares (each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock, par value $1.00) | | USB PrO | | New York Stock Exchange |
Depositary Shares (each representing 1/1,000th interest in a share of Series K Non-Cumulative Perpetual Preferred Stock, par value $1.00) | | USB PrP | | New York Stock Exchange |
0.850% Medium-Term Notes, Series X (Senior), due June 7, 2024 | | USB/24B | | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
On June 29, 2020, U.S. Bancorp announced that it received its preliminary 2020 Stress Capital Buffer (“SCB”) from the Board of Governors of the Federal Reserve System (“FRB”) based on the results of the 2020 Dodd-Frank Act stress tests and related Comprehensive Capital Analysis and Review. U.S. Bancorp will be subject to a preliminary SCB of 2.5% for the period beginning October 1, 2020, and ending on September 30, 2021. U.S. Bancorp also announced that management expects to recommend to the board of directors that U.S. Bancorp maintain its current quarterly common dividend of $0.42 per common share. The FRB announced that it will require all large banks to preserve capital through suspension of their share repurchase programs. The company will continue to monitor the impact of COVID-19 on the economic environment and adjust its capital distributions as circumstances warrant, consistent with regulatory requirements. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated into this Item 8.01 by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
SIGNATURE
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.
| | |
u.s. bancorp |
| | | |
By: | | /s/ James L. Chosy |
| | James L. Chosy |
| | Senior Executive Vice President and General Counsel |
Date: June 30, 2020
