US Bancorp

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A US-based banking company. In 2019, it announced that it would stop financing private prison company CoreCivic.

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).

U.S. Bank used to be one of several major financiers of private prison and immigrant detention companies, having provided extensive bond underwriting services to CoreCivic. In 2019, it announced, along with several other major financial institutions, that it would exit the private prison industry.

The bank served as the trustee, or main bank, of CoreCivic's bond offerings. Its known past involvement includes:

  • In 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 and, as part of a syndicate of banks, underwrote an undisclosed proportion of the bonds.
  • In September 2015, CoreCivic issued $250 million of bonds, with a maturity date of 2022. U.S. Bank served as the trustee of the deal and, as part of a syndicate of banks, underwrote $21.9 million worth of these bonds.
  • In October 2017, CoreCivic issued $250 million worth of bonds, with a maturity date of 2027. U.S. Bank served as the trustee of the deal and was responsible for ensuring that CoreCivic complied with the terms of the bond agreement and for recouping funds for the bond purchasers if CoreCivic defaults on its interest payments.
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
19 April 2024