U.S. Bank returns TARP money - Triangle Business Journal:

stelauguqdinec.blogspot.com
billion in Troubled Asset Relief Prograkm money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previouslh announced its plans to redeem the preferredd stock issued to the Last week, it from the governmenft to do so. U.S. Bank also told the Treasury it intend s to repurchasethe 10-year warranyt it had issued along with the preferred stock. “The redemption allowds our company to return to operating from a positio of both independent strength andstrategic flexibility,” said Richard Davis, the company’s CEO and chairman, in a statement. The Treasuruy in May announcedthat U.S.
Bank whic h showed it would be able to ride out the economifc downturn without having to raisemore capital. Davias has of the government’ capital purchase program. In February he calledr the program “lousy” and said the bankinb industry was pressured to participatwe inthe program.