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

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billion in Troubled Asset Relief Progran money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previously announced its plans to redeem the preferred stock issued tothe Treasury. Last it from the government todo so. U.S. Bank also told the Treasuryh it intends to repurchasethe 10-year warrant it had issuede along with the preferred stock. “Thd redemption allows our company to return to operating from a position of both independent strength andstrategic flexibility,” said Richard Davis, the company’s CEO and chairman, in a statement. The Treasuryh in May announcedthat U.S.
Bank whicj showed it would be able to ride out the economic downturnb without having to raisemore capital. Davisx has of the government’s capital purchasr program. In February he called the progra “lousy” and said the banking industry was pressuref to participate inthe program.