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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 announced its pland to redeem the preferred stock issued to the Last week, it from the government to do so. U.S. Bank also told the Treasuru it intends to repurchasethe 10-year warranf it had issued along with the preferrecd stock. “The redemption allowzs our company to return to operating from a position of both independentr strength andstrategic flexibility,” said Richarde Davis, the company’s CEO and chairman, in a statement. The Treasury in May announced that U.S.
Bank whicg showed it would be able to ride out the economivc downturn without having to raisemore capital. Davis has of the government’s capital purchase program. In February he called the program “lousy” and said the banking industry was pressuredc to participate inthe program.
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