Company: USB-PA
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-033179
Chunk: 8

Company: US BANCORP \DE\
Filing Date: 2025-02-24
Form: 424B2
Chunk 8
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 supplement and“Risk Factors—Risk Factors Related to a Particular Issue of Notes—Risks Relating to Notes Denominated or Payable In or Linked To a Currency Other than the Investor’s Home Currency”and “Certain United States Federal Income Tax Consequences” in the accompanying prospectus supplement. You should consult your own financial, legal and tax advisors as to the risks involved in an
investment in the Notes.

On February 20, 2025, the euro/U.S.$ rate of exchange was €1.00/U.S.$1.05 as reported by Bloomberg L.P. Any
information provided in this pricing supplement concerning exchange rates is provided as a matter of information only, and you should not regard it as indicative of the range of or trends in fluctuations in currency exchange rates that may occur in
the future.

Optional Redemption

We may redeem the Notes at our option on or after August 27, 2025 (180 days after the Issue Date of the Notes) (or, if additional Notes are
issued, beginning 180 days after the Issue Date of such additional Notes) and prior to the Reset Date (one year prior to the Maturity Date of the Notes), in whole or in part, at any time and from time to time, at a redemption price (expressed as a
percentage of principal amount and rounded to three decimal places) equal to the greater of:

(1) 100% of the principal amount of the Notes
to be redeemed; and

(2) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted
to the Redemption Date (assuming the Notes to be redeemed matured on the Reset Date) on an annual basis (based on an ICMA Actual/Actual (as described in the rulebook of the International Capital Market Association) day count convention) at the
Comparable Government Bond Rate plus 25 basis points less (b) interest accrued to, but excluding, the Redemption Date,

plus, in either case, accrued
and unpaid interest thereon to, but excluding, the Redemption Date.

In addition, we may redeem the Notes at our option (a) in whole,
but not in part, on the Reset Date, or (b) in whole at any time or in part from time to time, on or after March 19, 2032 (two months prior to the Maturity Date of the Notes) and prior to the Maturity Date of the Notes, in each case at a
redemption