Company: USB-PA
Filing Date: 2025-02-28
Form Type: 424B2
Source: 0001193125-25-041413
Chunk: 4

Company: US BANCORP \DE\
Filing Date: 2025-02-28
Form: 424B2
Chunk 4
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 interest payments from the
Notes redeemed and may have to reinvest the proceeds in a lower rate environment.

If we redeem the Notes prior to the Maturity Date, you may not be able to reinvest the proceeds from an investment in the Notes at a comparable return and/or with a comparable interest rate.

If we
redeem the Notes prior to the Maturity Date the term of the Notes will be reduced, and you will not receive interest payments after the applicable Redemption Date. There is no guarantee that you would be able to reinvest the proceeds from an
investment in the Notes at a comparable return and/or with a comparable interest rate for a similar level of risk in the event the Notes are redeemed prior to the Maturity Date.

The price at which the Notes may be sold prior to maturity will depend on a number of factors and may be substantially less than the amount for which they were originally purchased.

The price at which the Notes may be sold prior to maturity will depend on a number of factors. Some
of these factors include, but are not limited to: (i) changes in interest rates generally, (ii) any actual or anticipated changes in our credit ratings or credit spreads, and (iii) time remaining to maturity. In particular, because
the terms of the Notes permit us to redeem the Notes prior to maturity, the price of the Notes may be impacted by the redemption feature of the Notes. Additionally, the interest rates of the Notes reflect not only our credit spread generally but
also the redemption feature of the Notes and thus may not reflect the rate at which a note without a redemption feature and increasing interest rate might be issued and sold.

Depending on the actual or anticipated level of interest rates, the market value of the Notes may decrease, and you may receive substantially
less than 100% of the price to public if you sell your Notes prior to maturity.

Conflicts of Interest

Potential conflicts of interest.

We
and our affiliates play a variety of roles in connection with the issuance of the Notes, including acting as calculation agent, acting as an agent of the offering of the Notes and hedging our obligations under the Notes. In performing these duties,
our economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the Notes. In addition, our business activities, including hedging and trading
activities for our own accounts or on behalf of customers, could cause our economic interests to be adverse to yours and could adversely affect any payment on the Notes and the