US Bank 2012 Annual Report Download - page 11

U.S. BANCORP 7
Letter to Shareholders
U.S. Bancorp Board of Directors (left to right)
Doreen Woo Ho; President, San Francisco Port Commission
O’dell M. Owens, M.D., M.P.H.; President, Cincinnati State Technical and Community College
Patrick T. Stokes; former Chairman and Chief Executive Officer, Anheuser-Busch Companies, Inc.
David B. O’Maley; retired Chairman, President and Chief Executive Officer, Ohio National Financial Services, Inc.
Joel W. Johnson; retired Chairman and Chief Executive Officer, Hormel Foods Corporation
Victoria Buyniski Gluckman; retired Chairman and Chief Executive Officer, United Medical Resources, Inc.
Y. Marc Belton; Executive Vice President, Global Strategy, Growth and Marketing Innovation, General Mills, Inc.
Douglas M. Baker, Jr.; Chairman and Chief Executive Officer, Ecolab, Inc.
Richard K. Davis; Chairman, President and Chief Executive Officer, U.S. Bancorp
Craig D. Schnuck; former Chairman and Chief Executive Officer, Schnuck Markets, Inc.
Olivia F. Kirtley; Business consultant
Arthur D. Collins, Jr.; retired Chairman and Chief Executive Officer, Medtronic, Inc.
Jerry W. Levin; Chairman and Chief Executive Officer, Wilton Brands Inc., and Chairman and Chief Executive Officer,
JW Levin Partners LLC
Roland A. Hernandez; Founding Principal and Chief Executive Officer, Hernandez Media Ventures
U.S. Bancorp Managing Committee (left to right)
James L. Chosy, Executive Vice President, General Counsel and Corporate Secretary
Michael S. LaFontaine, Executive Vice President and Chief Operational Risk Officer
P.W. (Bill) Parker, Executive Vice President and Chief Credit Officer
Jeffry H. von Gillern, Vice Chairman, Technology and Operations Services
Pamela A. Joseph, Vice Chairman, Payment Services
John R. Elmore, Vice Chairman, Community Banking and Branch Delivery
Richard K. Davis, Chairman, President and Chief Executive Officer
Howell D. (Mac) McCullough, III, Executive Vice President, Chief Strategy Officer
Richard B. Payne, Vice Chairman, Wholesale Banking
Terrance R. Dolan, Vice Chairman, Wealth Management and Securities Services
Jennie P. Carlson, Executive Vice President, Human Resources
Joseph C. Hoesley, Vice Chairman, Commercial Real Estate
Richard J. Hidy, Executive Vice President and Chief Risk Officer
Andrew Cecere, Vice Chairman and Chief Financial Officer
Kent V. Stone, Vice Chairman, Consumer Banking Sales and Support
Rewarding our shareholders
We returned 62 percent of our earnings — a total
of $3.4 billion — to our shareholders in 2012
through dividends and the repurchase of 59 million
shares of stock. This was within the range of our
goal to return 60 to 80 percent of our earnings
to shareholders each year. I am joined by the
Managing Committee and the members of the
Board of Directors in looking forward to raising
our dividend further. It remains one of our top
priorities. With our proven ability to generate
significant capital each year through solid earnings,
our already strong capital position, excellent credit
quality and a track record of careful stewardship,
we trust that our regulators will continue to
approve our annual capital distribution plans.
I want to thank you for your investment in
U.S. Bancorp. We are especially pleased to have
your support this year as we celebrate our national
charter’s 150-year anniversary. Since 1863, we
have enjoyed a rich heritage. Our past has shaped
our present and our future, and we continue to be
mindful of our responsibility to be a trusted partner
and to help our customers achieve their financial
goals, to support and strengthen the communities
and this country that we serve and, importantly,
to reward our shareholders. We look forward to
a strong future and the opportunities it holds
for us all.
Sincerely,
Richard K. Davis
Chairman, President and Chief Executive Officer
February 22, 2013