us bancorp (USB) Key Developments
U.S. Bank and REI Renew Multi-Year Contract
May 15 15
U.S. Bank announced the long-term renewal of its co-brand partnership with REI and the launch of the new REI World MasterCard®. Under the agreement, the new REI co-branded credit cards will offer members more opportunities to earn through everyday purchases. The card portfolio will be converted to MasterCard with EMV chip-card technology, better protecting members from card-present counterfeit fraud.
U.S. Bank Announces Executive Changes
May 5 15
U.S. Bank has named Rex Rudy to head its commercial real estate division, succeeding Joe Hoesley, who retired in March 2015. In his new role as division head based in Charlotte, Rudy will oversee 350 employees in the bank's 24 commercial real estate offices across the country. Rudy has more than 20 years of experience in the financial services industry, most recently as managing director and group head of real estate investment trust (REIT) finance at Wells Fargo.
U.S. Bank Hires John Hyatt to Lead Indirect Consumer Lending
Apr 21 15
U.S. Bank named John Hyatt to lead the U.S. Bank Indirect Lending Group. Most recently, John was the president of dealer financial services at Bank of America.
U.S. Bank Promotes Stacey Dodson to Market President for Portland and Southwest Washington
Apr 18 15
U.S. Bank has promoted Stacey Dodson to the position of market president of U.S. Bank in Portland and Southwest Washington. Dodson will lead the market in company-wide efforts and activities, and will direct commercial banking in the Portland metropolitan area. Dodson succeeds Malia Wasson, who retired from U.S. Bank earlier this year. Dodson had been a division manager for U.S. Bank Commercial Banking in Portland prior to this promotion, and before that was the region manager for U.S. Bank in Central and Eastern Oregon, based in Bend.
U.S. Bancorp Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Announces Net Charge-Offs for the First Quarter of 2015; Provides Net Charge-Offs Guidance for the Second Quarter of 2015
Apr 15 15
U.S. Bancorp reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net interest income of $2,698 million against $2,650 million a year ago. Income before income taxes was $1,923 million against $1,908 million a year ago. Net income attributable to U.S. Bancorp was $1,431 million against $1,397 million a year ago. Diluted earnings per common share were $0.76 against $0.73 a year ago. Return on average assets was 1.44% against 1.56% a year ago. Return on average common equity was 14.1% against 14.6% a year ago. Book value per common share was $22.20 compared with $20.48 a year ago. Net interest income after provision for credit losses was $2,434 million compared to $2,344 million a year ago.
Net charge-offs in the first quarter of 2015 were $279 million compared with $341 million in the first quarter of 2014.
Given current economic conditions, the company expects the level of net charge-offs to increase modestly in the second quarter of 2015.