Company: USB-PA
Filing Date: 2025-03-25
Form Type: DEFA14A
Source: 0001193125-25-062564
Chunk: 1

Company: US BANCORP \DE\
Filing Date: 2025-03-25
Form: DEFA14A
Chunk 1
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 SEC on March 25, 2025, Kimberly J. Harris, a nominee for re-electionas director, informed the Company’s Board of Directors of her decision to resign from Board, effective March 24, 2025, and not stand for re-electionat the Annual Meeting. As a result, Ms. Harris is no longer a director nominee for election at the Annual Meeting. Ms. Harris’s resignation was for personal reasons to focus on her health and recovery from a recent medical issue and not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. In connection with Ms. Harris’s resignation, on March 24, 2025 the Board appointed Richard P. McKenney to succeed Ms. Harris as Chair of the Board’s Governance Committee. The Board also reduced the size of the Board to 14 members, effective immediately, and to further reduce the size of the Board to 13 members, effective immediately prior to the Company’s Annual Meeting to be held on April 15, 2025, due to Scott W. Wine’s decision to retire from the Board after 10 years of dedicated service and not stand for re-electionat the Annual Meeting, as described in the Proxy Statement. Taking into account Ms. Harris’s resignation from the Board, the following reflects updated information about our 13 director nominees for election at the Annual Meeting:

| u |     | 11 of 13 director nominees (85%) are independent; |

| u |     | 6 director nominees have 6-10 years of service; |

| u |     | the average tenure of director nominees is 5.2 years; |

| u |     | 6 director nominees have CEO experience; 3 director nominees have community or sustainability leadership experience; 1  
 director nominee has other regulated industry experience; and 10 director nominees have risk management experience; and |

| u |     | the average age of director nominees is 61.3 years. |

Voting matters If you have already returned your proxy or provided voting instructions, you do not need to take any action unless you wish to change your vote. Proxies already returned by stockholders will remain valid and, except for votes on the re-electionof Ms. Harris, will be voted as directed at the Annual Meeting unless revoked. Proxies and voting instructions received in respect of the re-electionof Ms. Harris will be disregarded, but will continue to be voted as directed or otherwise as set forth in the proxy card or voting