8-KOther EventsExhibits & Filings

US BANCORP \DE\ 8-K Report, Corporate Update (Jun 8, 2010)

Filed June 8, 2010For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

US Bancorp (USB) filed an 8-K on June 8, 2010, to announce the final results of its Exchange Offer and concurrent Consent Solicitation related to its USB Capital IX Normal Income Trust Securities (Normal ITS). The Exchange Offer involved up to 1,250,000 Depositary Shares, representing interests in U.S. Bancorp's Series A Preferred Stock, being exchanged for outstanding Normal ITS. The Consent Solicitation sought consent for amendments to the trust documents and related indentures for the Normal ITS. Both the Exchange Offer and Consent Solicitation expired on June 7, 2010. The detailed results of these actions were provided in a press release filed as an exhibit to this report.

Key Highlights

  • 1Announcement of final results for an Exchange Offer and Consent Solicitation.
  • 2The Exchange Offer involved the exchange of USB's Series A Preferred Stock Depositary Shares for USB Capital IX's 6.189% Normal Income Trust Securities (Normal ITS).
  • 3The Consent Solicitation aimed to obtain approval for amendments to trust documents and indentures related to the Normal ITS.
  • 4The offer and solicitation expired on June 7, 2010.
  • 5The company is offering up to 1,250,000 Depositary Shares in the exchange.
  • 6The Normal ITS are issued by USB Capital IX, a trust.
  • 7A press release detailing the final results is attached as an exhibit.

Frequently Asked Questions

This filing was made to announce the final results of U.S. Bancorp's offer to exchange its Depositary Shares (representing preferred stock) for certain outstanding trust securities (Normal ITS) and to report the results of a concurrent solicitation for consent to amend related trust documents.

The 'Normal ITS' refers to USB Capital IX's 6.189% Fixed-to-Floating Rate Normal Income Trust Securities. U.S. Bancorp offered to exchange its own preferred stock interests for these securities.

The Consent Solicitation sought consent from holders of the Normal ITS to make proposed amendments to the trust documents and the indenture under which junior subordinated notes corresponding to the Normal ITS were issued.

Both the Exchange Offer and the Consent Solicitation expired at 11:59 p.m. on June 7, 2010.