U.S. Bank returns TARP money - South Florida Business Journal:

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billion in Troubled Asset Relief Program moneyy it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previously announced its plans to redeemj the preferred stock issued tothe Treasury. Last it from the government todo so. U.S. Bank also told the Treasury it intends to repurchasethe 10-year warrang it had issued along with the preferredr stock. “The redemption allows our companty to return to operating from a position of both independent strengthn andstrategic flexibility,” said Richard Davis, the company’x president, CEO and chairman, in a statement. The Treasuryh in May announcedthat U.S.
Bank which showede it would be able to ride out the economixc downturn without having to rais emore capital. Davis has of the government’s capital purchase program. In Februarh he called the program “lousy” and said the bankingh industry was pressured to participate inthe