US BANCORP \DE\ (USB) Form 424B3 — Oct 21, 2026
U.S. Bancorp has filed a preliminary prospectus supplement (424B3) for a new offering of depositary shares representing 1/25th interests in its Series P Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, with a $25,000 liquidation preference per share ($1,000 per depositary share). Pricing, share count and dividend rate are blank pending completion. Dividends are non-cumulative and payable quarterly starting January 15, 2027, with a fixed rate until a first reset on January 15, 2032, after which the rate resets every five years to the five-year Treasury rate plus a spread.
Key figures
- Shares Outstanding
- 1558185254
- First reset date
- January 15, 2032
- Depositary fraction
- 1/25th interest in a Series P preferred share
- First dividend payment date
- January 15, 2027
- Liquidation preference per share
- $25,000 per preferred share ($1,000 per depositary share)
- Consolidated debt and obligations
- $636.1 billion as of September 30, 2026
- Stress capital buffer requirement
- 2.6%
- Subsidiary liabilities ranking senior
- $594.3 billion as of September 30, 2026
AI analysis
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