Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 0

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 0
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TABLE OF CONTENTS UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box: ☐ Preliminary Proxy Statement ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement ☐ Definitive Additional Materials ☐ Soliciting Material under §240.14a-12 U.S. Bancorp (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): ☒ No fee required. ☐ Fee paid previously with preliminary materials. ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act rules 14a6(i)(1) and 0-11 TABLE OF CONTENTS

TABLE OF CONTENTS A message from our CEO Fellow shareholders: For nearly eight years, I have had the privilege and honor to serve as Chief Executive Officer of U.S. Bancorp and to lead our more than 70,000 dedicated employees who focus every day on doing the right thing and serving our customers and communities. Throughout my tenure as CEO, we have kept our focus on maintaining our foundational strengths in financial and risk discipline, while at the same time bringing the best of our products, services and relationships to our clients and communities. Our actions have showed in our financial results — we effectively rebuilt capital following the MUFG Union Bank acquisition, delivered on our commitment to shareholders to manage expenses flat over the last five quarters to improve our efficiency, and returned to delivering positive operating leverage in the second half of 2024. In addition, we have made significant progress on our other strategic goals through intentional investments to build upon that strong foundation, including positioning ourselves as an industry leader through our digital capabilities and technology, building scale through acquisitions and innovative partnerships like those with Edward Jones and through our Elan platform, and continuing to enhance our products and services through the interconnectedness of our unique mix of businesses. As shared at our Investor Day in September 2024, we believe these actions have positioned us well for growth in 2025 and beyond. Given the trust our clients place in us, we also