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U.S. Bancorp announced redemption of all outstanding fixed-to-floating rate senior notes due Oct. 26, 2027 on Oct. 26, 2026. U.S. Bank also announced redemption on Oct. 22, 2026 of all outstanding fixed-to-floating and floating-rate notes due Oct. 22, 2027.
U.S. Bancorp will redeem 6.787% fixed-to-floating rate senior notes on Oct. 26, 2026, and U.S. Bank N.A. will redeem 4.507% fixed-to-floating and floating rate senior notes on Oct. 22, 2026, at 100% of principal plus accrued interest.
The bank says net proceeds from the $25 million fixed-to-floating subordinated notes are earmarked for general corporate purposes, including boosting bank subsidiary common equity, redeploying capital or redeeming notes. Notes pay 8.125% fixed for five years, then float quarterly at three-month SOFR plus a spread of 35