8-KOther EventsExhibits & Filings

US BANCORP \DE\ 8-K Report, Corporate Update (Mar 4, 2009)

Filed March 4, 2009For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

U.S. Bancorp (USB) has filed an 8-K report on March 4, 2009, announcing a significant reduction in its quarterly common stock dividend. The dividend has been slashed from $0.425 to $0.05 per common share, effective for the payment on April 15, 2009. This drastic cut lowers the annual dividend rate to $0.20 per common share, signaling a conservative approach by the company's Board of Directors amidst prevailing economic conditions. This filing also indicates that U.S. Bancorp will host a conference call on March 4, 2009, to discuss these actions and provide a business update, with accompanying presentation slides also filed. Investors should pay close attention to the details shared during this call and in the presentation, as they will offer further insight into the company's financial health and strategic outlook in response to the challenging economic environment.

Key Highlights

  • 1Quarterly common stock dividend reduced from $0.425 to $0.05 per share.
  • 2New annual dividend rate equivalent to $0.20 per common share.
  • 3Dividend reduction is effective for the dividend payable April 15, 2009.
  • 4Record date for the dividend is March 31, 2009.
  • 5U.S. Bancorp to host a conference call on March 4, 2009, to discuss the dividend cut and provide a business update.
  • 6Press release and presentation slides related to the announcement are included as exhibits.

Frequently Asked Questions

While the 8-K itself doesn't detail the specific reasons, the press release (Exhibit 99.1) and the upcoming conference call (March 4, 2009) are expected to provide context. Typically, such significant dividend cuts are made to conserve capital, strengthen the balance sheet, and manage through challenging economic conditions or regulatory requirements.

The new quarterly dividend is $0.05 per common share, which equates to an annual dividend rate of $0.20 per common share.

The reduced dividend of $0.05 per share will be effective for the dividend payable on April 15, 2009. Shareholders of record on March 31, 2009, will receive this new rate.

More details can be found in the press release dated March 4, 2009 (Exhibit 99.1) and the presentation slides (Exhibit 99.2) attached to this 8-K filing. U.S. Bancorp also hosted a conference call on March 4, 2009, to discuss these matters.