U.S. Bank returns TARP money - Tampa Bay Business Journal:

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billion in Troubled Asset Relief Program money it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previously announcefd its plans to redeem the preferred stocj issued tothe Treasury. Last week, it from the government to do so. U.S. Bank also told the Treasury it intends to repurchaseethe 10-year warrant it had issued alonf with the preferred stock. “The redemptiobn allows our company to return to operatinyg from a position of both independent strength andstrategicd flexibility,” said Richard Davis, the company’s CEO and chairman, in a statement. The Treasuryg in May announcedthat U.S.
Bank which showedr it would be able to ride out the economic downturn without having to raise more Davis has ofthe government’sa capital purchase program. In February he calle the program “lousy” and said the banking industry was pressured to participate inthe