U.S. BANCORP (NYSE:USB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously announced, and as disclosed on a Current Report on Form 8-K filed on January 17, 2017 (the “January 8-K”), Andrew Cecere, the former President and Chief Operating Officer of U.S. Bancorp (the “Company”), was appointed as the Company’s President and Chief Executive Officer, effective April 18, 2017. At its meeting on April 17, 2017, the Compensation and Human Resources Committee of the Company’s Board of Directors (the “Compensation Committee”) determined the base salary and target annual cash incentive award that Mr. Cecere will receive in his new role. As of April 18, 2017, Mr. Cecere is receiving an increase in his base salary to an annualized amount of $1,000,000, and he will be eligible to receive an annual cash incentive award with a target value of 225% of his base salary. Mr. Cecere also received a long-term incentive award on February 16, 2017, which was described in the January 8-K. Additional information about the Company’s executive compensation program can be found in its 2017 proxy statement.

As previously announced, and as disclosed on the January 8-K, Richard K. Davis, the Company’s former Chairman and Chief Executive Officer, is continuing his service on the Company’s Board of Directors as Executive Chairman, effective April 18, 2017. At its meeting on April 17, 2017, the Compensation Committee determined the terms of the compensation Mr. Davis will receive as Executive Chairman. As of April 18, 2017, Mr. Davis is receiving a base salary with an annualized amount of $1,000,000.

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About U.S. BANCORP (NYSE:USB)

U.S. Bancorp is a multi-state financial services holding company. The Company’s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business in domestic markets. It provides a range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and automated teller machines (ATMs) processing, mortgage banking, insurance, brokerage and leasing. U.S. Bank National Association provides a range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. Its lending services include traditional credit products, as well as credit card services, leasing financing and import/export trade, asset-backed lending and agricultural finance. Its depository services include checking accounts, savings accounts and time certificate contracts.

U.S. BANCORP (NYSE:USB) Recent Trading Information

U.S. BANCORP (NYSE:USB) closed its last trading session up +0.99 at 50.68 with 7,268,639 shares trading hands.