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U.S. Bancorp, 6.50% Fixed/Float Dep Shares Non-Cumul Perp Preferred Stock, F
Ticker Symbol: USB-M* CUSIP: 902973833 Exchange: NYSE
* NOTE: This security is no longer trading as of 1/15/2022
Security has been Called for: Saturday, January 15, 2022
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.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: U.S. Bancorp, 6.50% Depositary Shares each representing a 1/1000 interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, liquidation preference $25 per depositary share, redeemable at the issuer's option on or after 1/15/2022 at $25 per depositary share plus declared and unpaid dividends, and with no stated maturity. Non-cumulative distributions of 6.50% ($1.625) per annum are paid quarterly on 1/15, 4/15, 7/15 & 10/15 through 1/15/2022 to holders of record on the record date which will be the last business day of the calendar month prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). After 1/15/2022 the distributions will be paid at a per annum floating rate equal to the three-month LIBOR plus 4.468%. 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. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event (see the prospectus for further information) which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. 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 (see page S-31 of the prospectus for further information). In regard to the 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.
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Go to Parent Company's Record (USB)
IPO - 1/19/2012 - 44.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: USBPP Changed: 1/26/2012
Market Value $1.3 Billion
Company's Online Information Links
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Company's Online SEC EDGAR Filings |
Company's Email Address Links |
Address and Phone Numbers |
Address: 800 Nicollet Mall, Minneapolis, MN 55402 |
Main Phone Number |
651-466-3000 |
Fax Number |
612-303-0782 |
Investor Relations
Jennifer Thompson
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866-775-9668
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Toll Free Phone Number |
866-775-9668 |
CEO - Andrew Cecere |
CFO - Terrance R. Dolan |
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