Business: U.S. Bancorp, Floating Rate Depositary Shares each representing a 1/1000 interest in a share of the Series B Non-cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 4/15/2011 at $25 per depositary share plus declared and unpaid dividends, with no stated maturity. <p> Non-cumulative floating rate distributions will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on the last day of the month prior to the date on which the payment is due (NOTE: the ex-dividend date is one business day prior to the record date). The floating rate will be the greater of 3.50% or 0.60% above <s> the three-month LIBOR on the related LIBOR determination date. </s> the three-month CME Term SOFR plus the tenor spread adjustment of 0.26161% on the related SOFR determination date. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. <p> Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. <p> In regards to payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.