On January 25, 2022, Karen S. Lynch, a director of U.S. Bancorp notified the Company that she does not intend to stand for re-election to the Company's Board of Directors following expiration of her current term at the Company's 2022 Annual Meeting of Shareholders. Ms. Lynch's decision not to stand for re-election was for personal reasons and not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices.