US Bancorp (DE) | Series B Non-Cumulative Perpetual Preferred Stock (USB.PRH)
Prospectus excerpt: U.S. Bancorp is offering 40,000,000 depositary shares each representing a 1/1,000th ownership interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, $1.00 par value, with a liquidation preference of $25,000 per share (equivalent to $25 per depositary share) (the ˘Series B Preferred Stock÷). As a holder of depositary shares, you will be entitled to all proportional rights and preferences of the Series B Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the depositary. Dividends on the Series B Preferred Stock, when, as and if declared by our board of directors or a duly authorized committee of the board, will accrue and be payable from the original issue date, on a non-cumulative basis, quarterly in arrears on the 15th day of January, April, July and October of each year, commencing on July 15, 2006, at a rate per annum equal to the greater of (1) 0.60% above three-month LIBOR on the related LIBOR determination date or (2) 3.50%. If our board of directors or a duly authorized committee of the board has not declared a dividend on the Series B Preferred Stock before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and we will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series B Preferred Stock are declared for any future dividend period.
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