Company: USB-PA
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-033179
Chunk: 17

Company: US BANCORP \DE\
Filing Date: 2025-02-24
Form: 424B2
Chunk 17
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 price of the Notes. They may also cause the price of the Notes to be higher than the price that would otherwise exist in the open market in the absence of stabilization actions. The Stabilizing Manager may conduct these transactions in the over-the-countermarket or otherwise. If the Stabilizing Manager commences any stabilization action, it may discontinue them at any time. See “ Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement for additional information. PS-14

LEGAL MATTERS

In the opinion of Willkie Farr & Gallagher LLP, as counsel to the Company, when the Notes offered by this pricing supplement have been
issued by the Company pursuant to the indenture, when the trustee and/or paying agent has made, in accordance with the instructions from the Company, the appropriate entries or notations in its records relating to the master global note that
represents such Notes and when payment therefor is received by the Company, the Notes will constitute valid and legally binding obligations of the Company entitled to the benefits of the indenture, except that (a) the enforceability thereof may
be subject to (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws now or hereafter in effect relating to or affecting creditors’ rights or remedies generally and (ii) general principles
of equity and to the discretion of the court before which any proceedings therefor may be brought (regardless of whether enforcement is sought in a proceeding at law or in equity) and (b) the enforceability of provisions imposing liquidated
damages, penalties or an increase in interest rate upon the occurrence of certain events may be limited in certain circumstances.

This
opinion is given as of the date hereof and is limited solely to the Federal laws of the United States of America, the laws of the State of New York and the General Corporation Law of the State of Delaware. In addition, this opinion is subject to
customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in the opinion of such counsel dated September 20, 2024, which
has been filed as Exhibit 5.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 20, 2024.

PS-15

| /s/ Luke R. Wippler  |     | -authorized officer |
| /s/ Kevin R. Stenzel |