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

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billion in Troubled Asset Relieft Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previouslhy 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 Treasurgy it intends to repurchasethe 10-yearf warrant it had issued along with the preferredc stock. “The redemption allows our companyh to return to operating from a position of both independent strength andstrategicd flexibility,” said Richard Davis, the company’ss president, CEO and in a statement. The Treasury in May announced that U.S.
Bank whicy showed it would be able to ride out the economi downturn without having to raisemore capital. Davi has of the government’s capital purchas e program. In February he called the program “lousy” and said the bankingg industry was pressured to participate inthe program.