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

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billion in Troubled Asset Reliegf Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previously announced its plan s to redeem the preferred stock issued tothe Treasury. Last it from the government todo so. U.S. Bank also told the Treasurty it intends to repurchasethe 10-year warrant it had issued along with the preferred stock. “Thwe redemption allows our company to returbn to operating from a position of both independenty strength andstrategic flexibility,” said Richard the company’s president, CEO and chairman, in a statement. The Treasur y in May announcedthat U.S.
Bank which showed it would be able to ride out the economic downturn without having to raisdmore capital. Davis has of the government’s capital purchase In February he called theprogran “lousy” and said the banking industry was pressured to participatse in the program.