U.S. Bancorp Issues $1 Million Callable Fixed-Rate Notes with 5.75% Coupon Due 2046

Callable Note Features and Redemption Terms

The notes incorporate a callable structure allowing U.S. Bancorp to redeem the entire issue on any quarterly redemption date from July 30, 2029, through April 30, 2046. Redemption dates fall on the 30th calendar day of January, April, July, and October. This call option provides the issuer flexibility to refinance if market conditions improve, but exposes investors to reinvestment risk.

If called, notes will be redeemed at par plus accrued unpaid interest. U.S. Bancorp must notify The Depository Trust Company at least five business days prior to the redemption date, enabling investors to prepare for potential early redemption. However, redemption is at the issuer’s discretion, and notes may remain outstanding until maturity if refinancing conditions are unfavorable.

Fixed Coupon Rate and Interest Payment Schedule

The notes pay a fixed 5.75% annual coupon, calculated using a 30/360 day count convention. Each $1,000 note yields $57.50 annually in interest. The initial interest payment is due August 30, 2026, with subsequent payments on the last calendar day of February and on the 30th of January, March, April, May, June, July, August, September, October, November, and December each year until maturity or earlier redemption.

Interest accrues unadjusted and payments follow a "following" business day convention, meaning if a payment date falls on a non-business day, payment occurs on the next business day without adjustment to accrued interest. This standard approach offers investors clarity on payment timing throughout the investment term.

Pricing Details and Distribution Information

U.S. Bancorp priced the notes at par ($1,000 per note) with fees and commissions totaling $20.60 per $1,000, resulting in net proceeds of $979.40 per note. Total fees on the $1 million offering amounted to $20,600, yielding net proceeds before expenses of $979,400. Pricing occurred on July 28, 2026, reflecting competitive investment-grade debt market conditions.

Notes are available in minimum denominations of $1,000 and integral multiples thereafter, suitable for both institutional and retail investors. For eligible institutional or fee-based advisory accounts, the public price may range from $979.40 to $1,000 per $1,000 principal, with broker-dealers possibly waiving some or all selling commissions. U.S. Bancorp Investments, Inc. serves as distribution agent, complying with FINRA Rule 5121 due to affiliate participation in sales.

Minimum Purchase Requirements and Settlement Process

Investors can acquire notes in minimum $1,000 increments. The pricing date was July 28, 2026, with settlement and original issue date on July 30, 2026, following a standard two-business-day settlement cycle. Delivery will be book-entry via The Depository Trust Company against immediate payment.

The notes’ CUSIP is 91159XHV0, facilitating tracking and trading. Electronic book-entry settlement eliminates physical certificates, streamlining ownership transfers and interest payment distribution, reducing operational risk for issuer and investors alike.

Credit Risk and FDIC Insurance Clarification

These notes are unsecured obligations of U.S. Bancorp, not backed by collateral and subordinate to secured debt. Investors’ returns depend solely on U.S. Bancorp’s creditworthiness and ability to fulfill payment obligations. The notes are not bank deposits or savings accounts and are not insured by the Federal Deposit Insurance Corporation or any government agency. This distinction highlights the credit risk inherent in these securities.

Prospective investors should review risk factors in the prospectus supplement and U.S. Bancorp’s SEC filings, which are incorporated by reference. Credit risk remains the primary concern throughout the notes’ term, whether redeemed early or held to maturity.

Regulatory Filings and SEC Disclosure

The pricing supplement was filed under SEC Rule 424(b)(2) as part of registration statement number 333-294133. It incorporates by reference the prospectus and prospectus supplement dated March 9, 2026, relating to the Senior Medium-Term Notes, Series EE program. The pricing supplement supersedes conflicting information in prior documents.

U.S. Bancorp and U.S. Bancorp Investments, Inc. have authorized only specified individuals to provide information on the notes. Neither the SEC, state securities commissions, FDIC, nor other regulators have approved or disapproved the notes or verified the completeness or accuracy of offering materials. Investors should rely solely on official offering documents.

Twenty-Year Maturity and Call Provisions

The notes mature twenty years after the July 30, 2026 issue date, on July 30, 2046, subject to business day adjustments. This long-term fixed-income instrument allows investors to lock in a 5.75% coupon over two decades. However, the callable feature means the issuer can redeem notes starting July 30, 2029, potentially shortening the investment duration if market rates fall below the coupon.

At maturity or call, investors receive principal plus accrued unpaid interest. Business day conventions adjust dates falling on weekends or holidays, while unadjusted interest accrual means interest is calculated based on actual calendar days without modification. These terms ensure transparency on payment timing and amounts.

Hedging Costs and Pricing Approach

The public price includes estimated hedging costs incurred by U.S. Bancorp through affiliates to manage interest rate risk from the fixed coupon. Using derivatives to hedge stabilizes the company’s cost of capital and mitigates interest rate volatility. Incorporating these costs into pricing ensures investors pay a price reflecting the issuer’s true economic expense.

U.S. Bancorp Investments, Inc., as distribution agent, may allocate selling commissions up to $20.60 per $1,000 principal to affiliated or unaffiliated dealers. This flexible commission structure supports diverse distribution while adhering to market standards for investment-grade corporate debt offerings.

Interest Calculation and Day Count Standards

The notes use the 30/360 day count convention, standard in bond markets, treating each month as 30 days and each year as 360 days. Interest on each payment date is calculated by multiplying the $1,000 principal by the 5.75% coupon and the day count fraction for the interest period, providing consistent and transparent interest amounts.

Interest accrues unadjusted based on actual calendar days, and payments follow the "following" business day rule. If a payment date falls on a non-business day, payment occurs on the next business day without changing the accrued interest amount. This method offers investors predictable interest payment schedules and amounts throughout the investment term.