US Bancorp

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A US-based bank holding company. It has been one of the main financial backers of private prison company CoreCivic. In 2019, it announced that it would no longer finance the private prison industry. As of 2023, CoreCivic's credit agreements do not disclose the financial institutions involved.

U.S. Bancorp is a bank holding company headquartered in Minneapolis. The company conducts banking operations through its subsidiary U.S. Bank National Association (U.S. Bank). In 2022, U.S. Bancorp operated more than 2,000 branches in 26 states and generated more than $24 billion in revenue. As of 2023, it is one of the top 100 largest banks in the world based on total assets.

Past Financing of Private Prison Companies

U.S. Bank has been identified as one of several major financiers of private prison and immigrant detention companies, having provided extensive bond underwriting services to CoreCivic. While it announced in 2019 that it would no longer finance the private prison industry, it remains unclear, as of 2023, whether it has upheld this commitment.

U.S. Bank has served as the trustee—main bank—of all four of CoreCivic's bond offerings, including the following:

  • September 2015: CoreCivic issued $250 million of bonds, with a maturity date of 2022. U.S. Bank underwrote $21.9 million worth of these bonds and served as the trustee of this deal.
  • April 2013: CoreCivic issued two sets of bonds—one set totaling $325 million, with a maturity date of 2020, and another set totaling $350 million, with a maturity date of 2023. U.S. Bank served as the trustee of both deals.

Discerning the Company's Role in Current Credit Agreements

As of September 2023, U.S. Bank serves as the trustee—main bank—of the following CoreCivic bond agreement:

  • October 2017: CoreCivic issued $250 million of bonds, with a maturity date of 2027. U.S. Bank serves as the trustee of this deal and is responsible for ensuring that CoreCivic complies with the terms of the bond agreement and for recouping funds for the bond purchasers if CoreCivic defaults on its interest payments.

Recent SEC filings do not disclose whether U.S. Bank is involved in other current financial agreements with CoreCivic, such as revolving line of credit or term loan deals.

Economic Activism Highlights
  • On April 26, 2017, University of Wisconsin-Madison students passed a resolution to call for the university's divestment from private prisons and corporations that build border walls, naming Lockheed Martin, Raytheon, General Dynamics, Northrop Grumman, Honeywell, L-3 Communications, Boeing, Bank of America, JP Morgan Chase, BNP Paribas, Suntrust, US Bank Corp., and Wells Fargo.
Unless specified otherwise, the information in this page is valid as of
11 September 2023