U.S. Bancorp Files 8-K on Preferred Stock
Ticker: USB-PQ · Form: 8-K · Filed: Mar 5, 2024 · CIK: 36104
Sentiment: neutral
Topics: preferred-stock, capital-management, disclosure
Related Tickers: USB
TL;DR
USB filed an 8-K on 3/5/24 detailing preferred stock issuances.
AI Summary
On March 5, 2024, U.S. Bancorp (USB) filed an 8-K report detailing various preferred stock issuances. These include Series K, L, M, O, and X preferred stock, all with a reporting date of March 5, 2024. The filing also references common stock and Series A and B preferred stock, indicating ongoing capital management activities.
Why It Matters
This filing indicates U.S. Bancorp is actively managing its capital structure through the issuance of various series of preferred stock, which can impact its financial leverage and dividend obligations.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of preferred stock activity and does not indicate any immediate financial distress or significant operational changes.
Key Players & Entities
- U.S. Bancorp (company) — Filer of the 8-K report
- March 5, 2024 (date) — Date of the earliest event reported and filing date
- Series K Preferred Stock (company) — Type of preferred stock mentioned
- Series L Preferred Stock (company) — Type of preferred stock mentioned
- Series M Preferred Stock (company) — Type of preferred stock mentioned
- Series O Preferred Stock (company) — Type of preferred stock mentioned
- Series X Preferred Stock (company) — Type of preferred stock mentioned
FAQ
What specific series of preferred stock are detailed in the March 5, 2024 8-K filing for U.S. Bancorp?
The filing details Series K, Series L, Series M, Series O, and Series X preferred stock, along with common stock and Series A and B preferred stock.
What is the reporting date for the events described in this 8-K filing?
The reporting date for the earliest event reported is March 5, 2024.
What is the primary purpose of this 8-K filing by U.S. Bancorp?
The primary purpose is to disclose information related to Regulation FD and other events, specifically detailing various preferred stock issuances.
What is U.S. Bancorp's Central Index Key (CIK)?
U.S. Bancorp's Central Index Key (CIK) is 0000036104.
What is the business address of U.S. Bancorp as listed in the filing?
The business address is 800 Nicollet Mall, Minneapolis, MN 55402-7020.
Filing Stats: 1,163 words · 5 min read · ~4 pages · Grade level 9.5 · Accepted 2024-03-05 17:12:03
Key Financial Figures
- $1.00 — ve Perpetual Preferred Stock, par value $1.00) USB PrA New York Stock Exchange Depos
- $16.6 b — nterest income guidance expectations of $16.6 billion, to up slightly, fee revenue bein
- $4.0 billion — interest income expectations of between $4.0 billion and $4.1 billion. For more information,
- $4.1 billion — xpectations of between $4.0 billion and $4.1 billion. For more information, investors should
Filing Documents
- usb-20240305.htm (8-K) — 36KB
- 0000036104-24-000028.txt ( ) — 242KB
- usb-20240305.xsd (EX-101.SCH) — 3KB
- usb-20240305_def.xml (EX-101.DEF) — 19KB
- usb-20240305_lab.xml (EX-101.LAB) — 35KB
- usb-20240305_pre.xml (EX-101.PRE) — 20KB
- usb-20240305_htm.xml (XML) — 9KB
01 Other Events
Item 8.01 Other Events. U.S. Bancorp acquired MUFG Union Bank N.A. ("MUB") in December 2022. Prior to the acquisition, MUB entered into a consent order in September 2021 with the Office of the Comptroller of the Currency (the "OCC") relating to deficiencies in MUB's technology and operational risk management (the "MUB Consent Order"). The OCC's conditional approval to merge MUB with and into U.S. Bank National Association ("U.S. Bank") required U.S. Bank to succeed to the terms and obligations of the MUB Consent Order and comply with the other conditions described therein. On March 5, 2024, U.S. Bank was notified by the OCC that the MUB Consent Order has been terminated.
Forward-Looking Statements
Forward-Looking Statements THE FOLLOWING INFORMATION APPEARS IN ACCORDANCE WITH THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This current report 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. These forward-looking statements cover, among other things, U.S. Bancorp's future guidance expectations described herein. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those set forth in forward-looking statements. For discussion of these and other risks that may cause actual results to differ from those described in forward-looking statements, refer to U.S. Bancorp's Annual Report on Form 10-K for the year ended December 31, 2023, on file with the Securities and Exchange Commission, including the section entitled "Risk Factors," and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. In addition, factors other than these risks also could adversely affect U.S. Bancorp's results, and the reader should not consider these risks to be a complete set of all potential risks or uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.
SIGNATURES
SIGNATURES 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: March 5, 2024