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US Bancorp (DE) | Series F Non-Cumulative Perpetual Preferred Stock (USB.PRM)

This preferred is marked as having been called.
Prospectus excerpt:  U.S. Bancorp is offering 44,000,000 depositary shares each representing a 1/1,000th ownership interest in a share of Series F 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 ÙSeries F Preferred Stockˆ). As a holder of depositary shares, you will be entitled to all proportional rights and preferences of the Series F Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise such rights through the depositary.

Dividends on the Series F 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 on the liquidation preference amount, on a non-cumulative basis, quarterly in arrears on the 15th day of January, April, July and October of each year, commencing on April 15, 2012, at a rate per annum equal to 6.500% from the date of issuance to, but excluding, January 15, 2022, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 4.468%. If our board of directors or a duly authorized committee of the board has not declared a dividend on the Series F 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 F Preferred Stock are declared for any future dividend period.

The Series F Preferred Stock may be redeemed in whole, or in part, on or after January 15, 2022 at a redemption price equal to $25,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series F Preferred Stock may be redeemed in whole, but not in part, prior to January 15, 2022 upon the occurrence of a Ùregulatory capital treatment event,ˆ as described herein, at a redemption price equal to $25,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series F Preferred Stock will not have any voting rights, except as set forth under ÙDescription of Series F Preferred Stock ? Voting Rightsˆ on page S-24.

Full Prospectus PDF », Secondary Prospectus PDF », USB Page »

Series:F
Alternate symbology:USB-M, USB-PM, USBprM
Redeemable?:Yes
Call Date:1/15/2022 (Now Trading Post Call Date)
Perpetual?:Yes
Cumulative?:No
Shares Offered:44,000,000
Liquidation Preference:$25.00
Original Coupon:6.500% from the date of issuance to, but excluding, January 15, 2022, and thereafter at a floating rate per annum equal to three-month LIBOR plus a spread of 4.468%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CDx3 Compliance Rating: Learn USB.PRM's Rating
U.S. Bancorp is a financial services holding company. Through its subsidiaries, Co. provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. Co. also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. Co.'s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business, principally in domestic markets. Co.'s bank and trust subsidiaries provide a range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations.

Preferreds: USB.PRH, USB.PRL, USB.PRA, USB.PRM, USB.PRO, USB.PRP, USB.PRQ, USB.PRR, USB.PRS


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Name: 
US Bancorp (DE)
Website: 
www.usbank.com
Sector: 
Banking & Savings
Number of ETFs Holding USB: 
107 (see which ones)
Total Market Value Held by ETFs: 
$8,626,258,210.79
Total Market Capitalization: 
$67,857,000,000
% of Market Cap. Held by ETFs: 
12.71%

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