---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-011142"
form_type: "8-K"
ticker: "USB"
cik: "0000036104"
company_name: "US BANCORP DE"
filed_at: "2026-01-13T23:59:59+00:00"
generated_at: "2026-05-16T10:44:25.037689+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# U.S. Bancorp to acquire BTIG for up to $1B; deal expected to close Q2 2026

## Summary
- Target consideration up to $1B: $362.5M cash + 6,600,594 shares of common stock at close, plus up to $275M contingent cash over 3 years.
- Acquisition bolsters institutional equity sales & trading, equity capital markets, M&A advisory, and electronic trading.
- BTIG CEO Anton LeRoy and Executive Chairman Steven Starker to continue leading the business post-close.
- Transaction to have negligible 2026 EPS impact; reduces CET1 ratio by ~12 bps with no impact to near-term capital return.
- Expected to close in Q2 2026, subject to regulatory approvals; BTIG has ~700 employees and operates from 20 cities globally.

## SEC filing metadata
- accession: 0001193125-26-011142
- form_type: 8-K
- ticker: USB
- cik: 0000036104
- company_name: US BANCORP DE
- filed_at: 2026-01-13T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/36104/000119312526011142/0001193125-26-011142-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/36104/000119312526011142/d37749d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-011142
- JSON: https://secwatch.observer/filing/0001193125-26-011142.json
- Plain text: https://secwatch.observer/filing/0001193125-26-011142.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.