U.S. Bancorp (USB) Bernstein's 39th Annual Strategic Decisions Conference 2023 (Transcript)

U.S. Bancorp (NYSE:USB) Bernstein's 39th Annual Strategic Decisions Conference 2023 June 2, 2023 9:00 AM ET

Company Participants

Andy Cecere - Chairman, President and Chief Executive Officer
Terry Dolan - Vice Chair and CFO

Conference Call Participants

John McDonald - Bernstein

John McDonald

Good morning. Next up is U.S. Bancorp. We have CEO, Andy Cecere; CFO, Terry Dolan. Thank you, guys, for joining us. I appreciate you being here.

Question-and-Answer Session

Q - John McDonald

And we'll kick off talking about your big weekend. Last weekend, you had the big conversion of Union Bank onto U.S. Bank's platform.

Andy Cecere

We did. Thank you, and good morning, everyone. John, as you said, Memorial Day weekend, we successfully converted and integrated Union Bank onto the U.S. Bank system. That included about $1.2 million consumer and small business customers, about 3,000 commercial customers. And importantly, to date, we've already enrolled in our digital capabilities about 300,000 of those customers.

And as you might expect with any large conversion, we prepared for and we're ready for any unknowns, which always happen in the conversion. And we had a couple of technical slowdowns related to customer behaviors and activities and trends, but I couldn't be more proud of the way the banking group, our bank branch employees, our 24-hour banking, our call centers and particularly our technology group, resolve the issues very rapidly to make sure there was minimal customer disruption.

So we're in a good spot. We're not completely down. We still have trust and investment this weekend. And the card at the end of the month, and then we'll be completely integrated on all systems across the board.

John McDonald

Great. Terry, maybe from the financial angle, how does that set you up in terms of near-term merger integration expenses and then later in the