U.S. Bancorp redeems $6.6 bln of TARP preferred

Discussion in 'Wall St. News' started by ASusilovic, Jun 17, 2009.

  1. US Bancorp said Wednesday that it has redeemed the $6.6 billion of preferred stock issued to the Treasury under the U.S. Treasury's Troubled Asset Relief Program. The bank also said it is giving notice to Treasury that it intends to repurchase the 10-year warrant issued in conjunction with the preferred stock. "The redemption allows our company to return to operating from a position of both independent strength and strategic flexibility," U.S. Bancorp Chief Executive Richard Davis said in a press release. "I would also like to take this opportunity to thank the U.S. taxpayers for their support of our company during the height of uncertainty in the financial markets," Davis added.


    Green shoots...