MINNEAPOLIS, Dec 08, 2009 (BUSINESS WIRE) -- The board of directors of U.S. Bancorp (NYSE: USB) has declared a quarterly dividend of $0.05 per common share, payable January 15, 2010, to shareholders of record at the close of business on December 31, 2009. At this quarterly dividend rate, the annual dividend is equivalent to $0.20 per common share.
"Our company's board of directors and senior management are very aware of the importance of the dividend to our shareholders," said Richard Davis, chairman, president and chief executive officer of U.S. Bancorp. "As I have indicated in the past, there are two criteria that must be met before U.S. Bancorp can take a dividend action. The first is a clear 'line of sight' into the company's future earnings to ensure that the dividend is set at a level that is both sustainable and meaningful. The second factor, and equally as important, is that the company's capital position is at a level that will continue to meet future regulatory requirements. We are awaiting this regulatory guidance. Accordingly, we have made the decision to maintain our current dividend until there is more clarity regarding future required capital levels. We are hopeful that these requirements will be defined soon."
The board of directors has also declared a regular quarterly dividend of $223.61 per share (equivalent to $0.22361 per depositary share) on U.S. Bancorp's Series B Non-Cumulative Perpetual Preferred Stock, payable January 15, 2010, to stockholders of record at the close of business on December 31, 2009.
Additionally, the board of directors declared a regular quarterly dividend of $503.13 per share (equivalent to $0.50313 per depositary share) on U.S. Bancorp's Series D Non-Cumulative Perpetual Preferred Stock, payable January 15, 2010, to stockholders of record at the close of business on December 31, 2009.
U.S. Bancorp, with $265 billion in assets as of September 30, 2009, is the parent company of U.S. Bank, the sixth largest commercial bank in the United States. The company operates 3,002 banking offices in 25 states and 5,170 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.
SOURCE: U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judith T. Murphy (Analysts), 612-303-0783