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U.S. Bancorp (NYSE:USB) has reported a plane crash that occurred on Saturday in Brooklyn Park, Minnesota, involving a private company plane registered to an affiliate of Terrance R. Dolan, the bank’s Vice Chair and Chief Administration Officer. The company, in a recent SEC filing, expressed its belief that Mr. Dolan was on board the aircraft at the time of the accident, although confirmation from the medical examiner’s office is pending.
The financial institution extended its condolences to the family and friends of Mr. Dolan and all others impacted by the tragic event. U.S. Bancorp also expressed gratitude towards the first responders for their service.
The incident was disclosed in a Form 8-K filed with the Securities and Exchange Commission on Monday. The filing did not provide further details about the crash or its potential impact on U.S. Bancorp’s operations.
The bank, headquartered in Minneapolis, Minnesota, is among the largest financial services holding companies in the United States. It operates under the symbol USB on the New York Stock Exchange, where its common stock and various series of preferred stock are traded.
As the situation develops, additional information may become available regarding the circumstances of the crash and its implications for U.S. Bancorp. The company’s statement in the SEC filing serves as the primary source of information about this event.
In other recent news, U.S. Bancorp has announced its regular dividend payments, with a quarterly dividend of $0.50 per common share, amounting to an annual dividend of $2.00 per share. The dividends, including those on various series of preferred stock, are scheduled for payment on April 15, 2025. Citi analysts have maintained a Buy rating on U.S. Bancorp with a price target of $65, anticipating a 3.5% revenue growth for the year and a net interest margin enhancement by the fourth quarter of 2025. The company is also expected to execute approximately $100 million in stock buybacks in the first quarter, with a total of $1.6 billion projected for the year.
In executive news, U.S. Bancorp has announced that Shailesh M. Kotwal, Vice Chair of Payment Services, will retire from his role on February 3, 2025, but will remain in an advisory capacity until June 30, 2025. Scott W. Wine, a long-standing board member, will not seek re-election at the 2025 Annual Meeting of Shareholders due to personal reasons. Additionally, Kimberly J. Harris has resigned from the board of directors to focus on her health, as disclosed in a recent SEC filing. These developments are part of U.S. Bancorp’s ongoing corporate governance adjustments.
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