U.S. Bank returns TARP money - Business Courier of Cincinnati:

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billion in Troubled Assegt Relief Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previously announces its plans to redeem the preferred stocjk issued to the Last week, it from the government to do so. U.S. Bank also told the Treasury it intends to repurchasethe 10-yeart warrant it had issued along with the preferrec stock. “The redemption allows our company to returbn to operating from a position of both independentt strength andstrategic flexibility,” said Richard Davis, the company’ss president, CEO and chairman, in a The Treasury in May announced that U.S.
Bank which showee it would be able to ride out the economixc downturn without having to raise more Davis has ofthe government’s capitalp purchase program. In February he called the prograjm “lousy” and said the banking industru was pressured to participate inthe program.