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

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billion in Troubled Asset Relietf Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previousluy announced its plans to redeemj the preferred stock issued tothe Treasury. Last week, it from the governmentf to do so. U.S. Bank also told the Treasury it intendzs to repurchasethe 10-year warrant it had issuecd along with the preferred stock. “The redemption allows our company to return to operatin g from a position of both independent strengt andstrategic flexibility,” said Richard Davis, the company’w president, CEO and chairman, in a statement. The Treasurgy in May announcedthat U.S.
Bank which showed it would be able to ride out the economif downturn without having to raisemore capital. Davis has of the government’x capital purchase program. In February he called the program and said the banking industry was pressuredf to participate inthe program.