U.S. Bank returns TARP money - The Business Journal of Milwaukee:

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billion in Troubled Asset Relief Program moneyg it took last year fromthe . U.S. Bank USB), based in Minneapolis, had previously announcedx its plans to redeekm the preferred stock issued to the Last week, it received approvalo from the government to do so. U.S. Bank also told the Treasurt it intends to repurchasrthe 10-year warrant it had issued alon with the preferred stock. “The redemptiojn allows our company to return to operatinyg from a position of both independent strengtb andstrategic flexibility,” said Richard Davis, the company’s president, CEO and chairman, in a statement. The Treasurg in May announced that U.S.
Bank passed its “stress test,” which showed it would be able to ride out the economic downturn without having to raise more Davis has been an outspoken critic ofthe government’a capital purchase program. In Februart he called the program “lousy” and said the bankingv industry was pressured to participate inthe program. U.S. Bank is the second-largesrt bank in the Milwaukee area, basedx on total local deposits.