2020 Annual Report | Usbank.Com/AR20 Or Virtual Ones
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U.S. Bancorp 2020 Annual Report Bancorp 2020 U.S. 800 Nicollet Mall Minneapolis, MN 55402 800.USBANKS (872.2657) usbank.com ANNUAL REPORT Corporate Information Executive Offces Investor Relations Contact Code of Ethics U.S. Bancorp Jennifer A. Thompson, CFA At U.S. Bancorp, our commitment to high 800 Nicollet Mall Executive Vice President ethical standards guides everything we do. We’re there, Minneapolis, MN 55402 Investor Relations Demonstrating this commitment through [email protected] our words and actions is how each of Common Stock Transfer Phone: 612.303.0778 or 866.775.9668 us does the right thing every day for our Agent and Registrar customers, shareholders, communities Financial Information and each other. Our ethical culture has Computershare acts as our transfer agent been recognized by the Ethisphere® and registrar, dividend paying agent and U.S. Bancorp news and fnancial results are Institute, which again named us to its from anywhere dividend reinvestment plan administrator, available through our website and by mail. World’s Most Ethical Companies® list. and maintains all shareholder records Website: For information about Each year, every employee certifes for the company. Inquiries related to U.S. Bancorp, including news, fnancial compliance with the letter and spirit of our shareholder records, stock transfers, results, annual reports and other Code of Ethics and Business Conduct. changes of ownership, lost stock documents fled with the Securities certifcates, changes of address and Exchange Commission, visit For details about our Code of Ethics and and dividend payment should be usbank.com and click on About Us. Business Conduct, visit usbank.com and click on About Us and then Investor directed to the transfer agent at: Mail: At your request, we will mail to you Relations and then Corporate Governance. Computershare our quarterly earnings, news releases, quarterly fnancial data reported on Form P.O. Box 505000 Diversity, Equity and Inclusion Louisville, KY 40233 10-Q, Form 10-K and additional copies Phone: 888.778.1311 or of our annual reports. Please contact: At U.S. Bancorp, embracing diversity, championing equity and fostering 201.680.6578 (international calls) U.S. Bancorp Investor Relations inclusion are business imperatives. computershare.com/investor 800 Nicollet Mall We view everything we do through Minneapolis, MN 55402 Registered or Certifed Mail: a diversity, equity and inclusion lens [email protected] Computershare to deepen our relationships with our Phone: 866.775.9668 462 South 4th Street, Suite 1600 stakeholders: our employees, customers, shareholders and communities. Louisville, KY 40202 Media Requests Telephone representatives are available Our employees bring their whole selves to David R. Palombi weekdays from 8 a.m. to 6 p.m., Central work. We respect and value each other’s Global Chief Communications Offcer Time, and automated support is available differences, strengths and perspectives, Public Affairs and Communications 24 hours a day, seven days a week. and we strive to refect the communities Specifc information about your account [email protected] we serve. This makes us stronger, is available on Computershare’s Phone: 612.303.3167 more innovative and more responsive Investor Center website. to our diverse customers’ needs. Privacy Independent Auditor U.S. Bancorp is committed to Equal Opportunity Ernst & Young LLP serves as the respecting the privacy of our customers and Affrmative Action and safeguarding the fnancial and independent auditor for U.S. Bancorp’s U.S. Bancorp and our subsidiaries are fnancial statements. personal information provided to us. To learn more about the U.S. Bancorp committed to providing Equal Employment Opportunity to all employees and commitment to protecting privacy, visit Common Stock applicants for employment. In keeping with usbank.com and click on Privacy. Listing and Trading this commitment, employment decisions are made based on abilities, not race, U.S. Bancorp common stock is listed and Accessibility color, religion, creed, citizenship, national traded on the New York Stock Exchange U.S. Bancorp is committed to providing origin or ancestry, gender, age, disability, under the ticker symbol USB. ready access to our products and services veteran status, sexual orientation, marital so all of our customers, including people status, gender identity or expression, Dividends and with disabilities, can succeed fnancially. genetic information or any other factors Reinvestment Plan To learn more, visit usbank.com and click protected by law. The company complies U.S. Bancorp currently pays quarterly on Accessibility. with municipal, state and federal fair employment laws, including regulations dividends on our common stock on or about applying to federal contractors. the 15th day of January, April, July and October, subject to approval by our Board U.S. Bancorp, including each of our of Directors. U.S. Bancorp shareholders can subsidiaries, is an equal opportunity choose to participate in a plan that provides employer committed to creating a automatic reinvestment of dividends and/or diverse workforce. optional cash purchase of additional shares ©2021 U.S. Bancorp of U.S. Bancorp common stock. For more information, please contact our transfer agent, Computershare. Fellow Andy Cecere Chairman, President shareholders: and Chief Executive Offcer For the past several years, we As a result, we are more focused our time and attention digitally enabled, resilient and on addressing the opportunities focused than ever before. and challenges created by the That groundwork was essential unprecedented pace of change as we entered 2020, which was and disruption occurring in our a year unlike any other. It began industry. Changing consumer with words like “opportunity” behaviors, expectations and and “momentum.” We were preferences caused us to rethink focused on executing a solid, everything we do. New and well-constructed plan and evolving competition prompted us continuing to deliver on our to pursue partnerships and drive longstanding tradition of for growth and scale with renewed excellence. We had all the urgency. What’s more, the need to right elements to succeed: integrate advancing technology, dedicated leaders, a capable build relationships, and empower team, a strong culture, loyal our culture to continue to meet customers, diverse businesses, the wants and needs of customers and a solid fnancial foundation. pushed us to be more agile and innovative. 1 That foundation enabled us to our team. We emerged stronger continue to execute on our long- together, and I am grateful to our term strategy even as the words employees for their fexibility “unprecedented” and “uncertain and resilience. times” entered the mainstream. A global pandemic turned economic This past year also brought about tailwinds into headwinds. Starting a recommitment to diversity, in the second quarter of the year, equity and inclusion, as the call for gross domestic product collapsed a renewed focus on social justice at an historic rate and partially hit home in Minneapolis, our rebounded, unemployment headquarters market. The tragic rose, consumer spending death of George Floyd and the dropped signifcantly, and the civil unrest that followed changed industry booked near-record the conversation. In the weeks loan-loss provisions. after these events, we made multimillion dollar commitments The value of our diversifed to address economic and racial business model was evident inequities, pledged to double our during this time. We reported partnerships with Black-owned record revenues in 2020 despite suppliers in 12 months, and a challenging interest rate announced our intention to not environment that pressured only remain in the communities net interest income, and even that were hardest hit by the unrest though we saw a signifcant drop but to rebuild in areas where in consumer spending activity. our branches were damaged or Similarly, although our payments destroyed. We also stepped up business was affected by reduced our efforts internally to attract, consumer spending in some of retain and promote people of the hardest-hit categories like color to leadership roles, increase airlines, travel and hospitality, we awareness of racial issues, and had exceptionally strong results in encourage community involvement mortgage banking and commercial in measurable ways. Addressing products to help offset the impact. these challenging issues will We are proud of our response take every one of us, and we are to the pandemic and the related invested in that shared future. economic situation. We kept It is safe to say that expectations people healthy and safe while have changed, whether they managing our business well, and are focused on corporate social we helped our customers navigate responsibility or how people want the pandemic by providing access to do business with the companies to capital, assisting them as they with whom they interact. secured Paycheck Protection Program (PPP) loans or modifying The good news is we are ready. loan terms. We developed new The steps we took during the past muscle around being fexible, three years positioned us well adaptable and agile – and the way for what became inevitable as we were able to approach this economies shut down. Our digital “World’s Most Ethical Companies” and “Ethisphere” names and marks are moment in history says a lot about capabilities enabled us to convert registered trademarks of Ethisphere LLC. our company, our culture