Company: USB-PA
Filing Date: 2025-05-13
Form Type: 424B2
Source: 0001193125-25-118413
Chunk: 1

Company: US BANCORP \DE\
Filing Date: 2025-05-13
Form: 424B2
Chunk 1
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 such terms and conditions set forth in this pricing supplement shall govern and control.

Redemption

The notes are not
subject to any mandatory redemption, sinking fund or other similar provision. The notes are not redeemable prior to maturity, other than as described below.

On or after November 11, 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), we may redeem the notes at our option, 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) (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 a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
treasury rate plus 15 basis points less (b) interest accrued to, but excluding, the Redemption Date; and

(2) 100% of the principal
amount of the notes to be redeemed;

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 (i) in whole, but not in part, on the Reset Date, or (ii) in whole at any time or
in part from time to time, on or after April 15, 2031 (one month prior to the Maturity Date) and prior to the Maturity Date, in each case at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and
unpaid interest thereon to, but excluding, the Redemption Date.

Notwithstanding the foregoing, installments of interest on the notes that
are due and payable on interest payment dates falling prior to a Redemption Date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date.

“Treasury rate” means, with respect to any Redemption Date, the yield determined by us in accordance with the following two
paragraphs.

The treasury rate shall be determined by us after 4:15 p.m., New York City time (