Exhibit 99.1
News Release
U.S. Bancorp announces redemption of all outstanding depositary shares representing interests in its Series F non-cumulative perpetual preferred stock
MINNEAPOLIS (December 16, 2021) — U.S. Bancorp today announced that it will redeem on January 15, 2022 all of its outstanding Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (the “Series F Preferred Stock”), and the corresponding depositary shares, each representing a 1/1,000th interest in a share of the Series F Preferred Stock (the “Series F Depositary Shares”). The Series F Preferred Stock will be redeemed at a redemption price per share equal to $25,000 (equivalent to $25 per Series F Depositary Share). The redemption price does not include the regular quarterly dividend payment that, when and if declared, will be paid separately in the customary manner on the first business day following January 15, 2022 to holders of record on the record date for such dividend payment.
The Series F Depositary Shares (NYSE: USB PrM; CUSIP No. 902973833) are held in book-entry form through The Depository Trust Company (“DTC”) and will be redeemed in accordance with the procedures of DTC. On the redemption date, dividends will cease to accrue, the Series F Preferred Stock and the Series F 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. Also upon redemption, the Series F Depositary Shares will be delisted from trading on the New York Stock Exchange.
Payment to DTC will be made by U.S. Bank National Association, U.S. Bancorp’s redemption agent for the Series F Depositary Shares on the first business day following the redemption date. Questions regarding redemption of the Series F 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 F Preferred Stock or the deposit agreement governing the Series F 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 $567 billion in assets as of September 30, 2021, 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. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2021 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
Forward-looking statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
This news 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 news release include, among other things, the anticipated redemption by U.S. Bancorp of the Series F Preferred Stock and the corresponding Series F Depositary Shares. There can be no assurance that U.S. Bancorp will complete the redemption. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking
