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U.S. BANCORP (USB)

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US BANCORP : U.S. Bancorp Announces Quarterly Dividends

12/14/2010 | 01:10pm US/Eastern

The board of directors of U.S. Bancorp (NYSE: USB) has declared a quarterly dividend of $0.05 per common share, payable January 18, 2011, to shareholders of record at the close of business on December 31, 2010. At this quarterly dividend rate, the annual dividend is equivalent to $0.20 per common share.

U.S. Bancorp Chairman, President and Chief Executive Officer, Richard K. Davis said, ?Raising the dividend is a top priority for our Company's board of directors and senior management. On November 17th, the Federal Reserve issued guidelines by which they will evaluate proposals by large bank holding companies to take capital actions, including dividend increases. As a result, our Company will submit a Comprehensive Capital Plan to the regulators in early January. We look forward to the results of this regulatory review and believe that our Company's strong capital position and ability to generate new capital through earnings will allow us to raise our dividend in 2011.?

The board of directors has also declared a regular quarterly dividend of $223.61 per share (equivalent to $0.22361 per depositary share) on U.S. Bancorp's Series B Non-Cumulative Perpetual Preferred Stock, payable January 18, 2011, to stockholders of record at the close of business on December 31, 2010.

Additionally, the board of directors declared a regular quarterly dividend of $503.13 per share (equivalent to $0.50313 per depositary share) on U.S. Bancorp's Series D Non-Cumulative Perpetual Preferred Stock, payable January 18, 2011, to stockholders of record at the close of business on December 31, 2010.

U.S. Bancorp, with $291 billion in assets as of September 30, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,013 banking offices in 24 states and 5,323 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.

U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judith T. Murphy (Analysts), 612-303-0783


© Business Wire 2010
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