Company: USB-PA
Filing Date: 2025-02-28
Form Type: 424B2
Source: 0001193125-25-041409
Chunk: 1

Company: US BANCORP \DE\
Filing Date: 2025-02-28
Form: 424B2
Chunk 1
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 U.S. Bancorp Investments, Inc. (“USBI”), acting as agent for us, may pay some or all of the selling                                                                                                                                           
 commissions it receives from us to other affiliated or unaffiliated dealers. These selling commissions will vary and will be up to $1.29 per $1,000 principal amount Note. See “Supplemental Plan of Distribution (Conflicts of Interest)” on 
 page PS-7 of this pricing supplement.                                                                                                                                                                                                         |

| (3) | With respect to Notes sold to eligible institutional investors or                                                                                                                                                                                        
 fee-based advisory accounts for which an affiliated or unaffiliated broker-dealer is an investment adviser, the price to the public will be between $998.71 and $1,000 per $1,000 principal amount Note.                                                 
 Broker-dealers who purchase the Notes for these accounts may forgo some or all selling commissions related to these sales. The per Note price to the public in the table above assumes a price to the public of $1,000 per $1,000 principal amount Note. |

Because our affiliate, USBI, is participating in sales of the Notes, the offering is being conducted in compliance with the applicable requirements of Financial Industry Regulatory Authority (“FINRA”) Rule 5121. The Notes are unsecured obligations of U.S. Bancorp and all payments on the Notes are subject to the credit risk of U.S. Bancorp. The Notes will not constitute deposits insured by the U.S. Federal Deposit Insurance Corporation or any other government agency or instrumentality of the United States or any other jurisdiction. Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these Notes or determined if this pricing supplement or the accompanying prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Investing in the Notes involves risks. See the “Additional Risk Factors” beginning on page PS-4 of this pricing supplement and the “Risk Factors” beginning on page S-6of the accompanying prospectus supplement. We will deliver the Notes in book-entry form through the facilities of DTC on or about March 3, 2025 against payment in immediately available funds. U.S. Bancorp Investments, Inc.

ABOUT THIS PRICING SUPPLEMENT You should read this pricing supplement together with the prospectus dated March 10, 2023 (the “prospectus”) and the prospectus supplement dated April 21, 2023 (the “prospectus supplement”),