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

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billion in Troubled Asset Relied Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previously announceds its plans to redeemk the preferred stock issued to the Last week, it from the government to do so. U.S. Bank also told the Treasuryh it intends to repurchasethe 10-year warrant it had issuexd along with the preferred “The redemption allows our company to returnb to operating from a position of both independenr strength and strategic flexibility,” said Richard Davis, the company’ds president, CEO and chairman, in a statement. The Treasuryg in May announcedthat U.S.
Bank whicn showed it would be able to ride out the economic downturn without having to raisemore capital. Davixs has of the government’s capital purchase In February he called the program and said the banking industry was pressured to participatw inthe program.