U.S. Bancorp Announces Redemption of All Outstanding Depositary Shares Representing Interests in Its Series G Non-Cumulative ...
March 03 2017 - 4:05PM
Business Wire
U.S. Bancorp today announced that it has provided notice of its
intent to redeem on April 15, 2017, all of its outstanding Series G
Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share
(the “Series G Preferred Stock”), and the corresponding depositary
shares, each representing a 1/1,000th interest in a share of the
Series G Preferred Stock (the “Series G Depositary Shares”). The
Series G Preferred Stock will be redeemed at a redemption price per
share equal to $25,000 (equivalent to $25 per Series G Depositary
Share). Because the redemption date is also a dividend payment
date, the redemption price does not include any accrued and unpaid
dividends. The regular quarterly dividends, in an amount equal to
$375.00 per share of Series G Preferred Stock (equivalent to $0.375
per Series G Depositary Share), for the full current quarterly
dividend period from and including January 15, 2017, to but
excluding April 15, 2017, will be paid separately in the customary
manner to holders of record on March 31, 2017. Because April 15,
2017 is not a business day, both the redemption price and the
regular quarterly dividends will be paid, separately, on the next
succeeding business day, April 17, 2017.
All Series G Depositary Shares (NYSE: USB.PrN) are held in
book-entry form through The Depository Trust Company (“DTC”) and
will be redeemed in accordance with the procedures of DTC. Upon
redemption, the Series G Preferred Stock and the Series G
Depositary Shares will no longer be outstanding and all rights with
respect to such stock and depositary shares will cease and
terminate, except the right to payment of the redemption price plus
accrued and unpaid dividends. Also upon redemption, the Series G
Depositary Shares will be delisted from trading on the New York
Stock Exchange.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $446 billion in
assets as of December 31, 2016, is the parent company of U.S. Bank
National Association, the fifth largest commercial bank in the
United States. The Company operates 3,106 banking offices in 25
states and 4,842 ATMs and provides a comprehensive line of banking,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170303005616/en/
U.S. BancorpJennifer Thompson, 612-303-0778U.S. Bank
Investor Relationsjen.thompson@usbank.comorDana Ripley,
612-303-3167U.S. Bank Corporate
Communicationsdana.ripley@usbank.comTwitter @usbank_news
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