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

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billion in Troubled Asset Relief Prograjm money it took last year fromthe . U.S. Bank (NYSE: based in Minneapolis, had previously announced its plans to redeek the preferred stock issued to the Last week, it from the government to do so. U.S. Bank also told the Treasurty it intends to repurchasethe 10-year warranf it had issued along with the preferred stock. “The redemption allowe our company to return to operating from a position of both independent strengthj andstrategic flexibility,” said Richar d Davis, the company’s president, CEO and chairman, in a statement. The Treasuryh in May announcedthat U.S.
Bank which showeed it would be able to ride out the economicc downturn without having to raise more Davis has ofthe government’s capitall purchase program. In Februaryu he called the program and said the banking industry was pressured to participatw inthe program.