U.S. Bancorp /zigman2/quotes/206934678/composite USB -0.25% said Friday that in response to the George Floyd tragedy, it will commit $100 million in capital a year to African-American owned and led businesses or organizations, as the Minneapolis-based bank looks to address "systemic economic and racial inequities." The bank also said it will establish a $15 million fund to award community grants focused on addressing racial inequities in small business, affordable housing and workplace development, and invest $1 million to its employee assistance fund, which supports employees facing hardships. The company said it will double partnerships with African-American suppliers in the next 12 months. In Minneapolis, the bank said it will break ground "as soon as possible" to repair branches and facilities damaged during the civil unrest, and will work to repair other damaged facilities across the country. For its employees, it will provide an additional eight hours of paid time off to volunteer in their communities during the next two months, in addition to the 16 hours of paid time off they already receive for volunteering. The stock, which rose 7.0% in afternoon trading, has dropped 27.7% year to date, while the SPDR S&P Bank ETF /zigman2/quotes/201006419/composite KBE -0.20% has shed 21.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.45% has slipped 0.9%.