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6 U.S. BANCORP
U.S. Bancorp Board of Directors (left to right)
Arthur D. Collins, Jr., retired Chairman and Chief Executive Offi cer, Medtronic, Inc.
Roland A. Hernandez, Founding Principal and Chief Executive Offi cer of
Hernandez Media Ventures
Joel W. Johnson, retired Chairman and Chief Executive Offi cer,
Hormel Foods Corporation
Patrick T. Stokes, former Chairman and former Chief Executive Offi cer,
Anheuser-Busch Companies, Inc.
Craig D. Schnuck, former Chairman and Chief Executive Offi cer, Schnuck Markets, Inc.
Victoria Buynisky Gluckman, retired Chairman and Chief Executive Offi cer,
United Medical Resources, Inc.
O’dell M. Owens, M.D., M.P.H., President, Cincinnati State Technical and
Community College
Welcome our newest U.S. Bancorp directors
We are delighted to welcome Doreen Woo Ho and Roland
Hernandez to our Board. Doreen’s extensive commercial and
consumer banking background, along with her fi rst-hand
experience in the California banking market, will be an excellent
asset to our company. Roland’s broad retail consumer insights
Olivia F. Kirtley, business consultant
Richard G. Reiten, retired Chairman and Chief Executive Offi cer,
Northwest Natural Gas Company
David B. O’Maley, Executive Chairman and retired President and
Chief Executive Offi cer, Ohio National Mutual Holdings, Inc.
Richard K. Davis, Chairman, President and Chief Executive Offi cer, U.S. Bancorp
Jerry W. Levin, Chairman and Chief Executive Offi cer, JW Levin Partners LLC,
and Chairman and Chief Executive Offi cer, Wilton Brands
Douglas M. Baker, Jr., Chairman, President and Chief Executive Offi cer, Ecolab, Inc.
Doreen Woo Ho, President, San Francisco Port Commission
Y. Marc Belton, Executive Vice President, Global Strategy,
Growth and Marketing Innovation, General Mills, Inc.
US
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U.S. Bancorp Board of Directors
and extensive corporate governance experience will make him
a great addition to U.S. Bancorp’s Board of Directors.
Doreen is President of the San Francisco Port Commission, the
governing board responsible for the San Francisco, California,
waterfront. She also served more than 35 years in the banking
industry. Roland is the Founding Principal and Chief Executive Offi cer
of Hernandez Media Ventures, a company engaged in the acquisi-
tion and management of media assets. He also served as Chairman,
President and Chief Executive Offi cer of Telemundo Group, Inc.,
a Spanish-language television and entertainment company.
Rewarding our shareholders
Returning capital to shareholders in the form of dividends and
buybacks is of the utmost importance to our company, and raising
the dividend continues to be the top priority for me, our manage-
ment team and our Board of Directors. Our strong capital levels,
liquidity and ongoing profi tability are key to our ability to return
capital. In fact, we have already reached the capital level we believe
we need to achieve to satisfy Basel III regulatory requirements —
levels that will not be required until 2019. Going forward, coupled
5,500
4,500
3,500
5,104
4,721
4,519
4,690 4,795
Revenue
(Dollars in Millions)
4Q10 1Q11 2Q11 3Q11 4Q11