MINNEAPOLIS--(BUSINESS WIRE)--Sep. 4, 2009--
U.S. Bank, N.A., will accept from current customers registered warrants
or “IOUs” issued by the State of California starting Tuesday, Sept. 8,
2009 and ending at the close of business on Friday, Oct. 9, 2009.
Interest due will be disbursed to the depository account within 30 days
of the deposit.
“U.S. Bank is pleased that a budget resolution has been passed so that
we can all focus on helping the state and our national economy get back
on its feet and poised for growth in the months ahead,” said Joseph
Otting, vice chairman of commercial banking at U.S. Bancorp who is based
in Los Angeles.
The warrants will only be accepted for deposit (not for cash) into a
U.S. Bank account and the account must have been opened before Aug. 31,
2009. Third-party registered warrants will not be eligible for
acceptance. This accommodation for clients will not include
correspondent banks, money service businesses or any client engaged in
purchasing or consolidating registered warrants for deposit. U.S. Bank
will direct anyone who cannot be helped at the branch to the State of
California Treasurer’s Office for redemption assistance. The registered
warrants must be presented at a U.S. Bank branch office and will not be
accepted for deposit through an ATM. Warrants deposited prior to
September will not be credited interest retroactively.
U.S. Bank has 559 offices throughout California and is the 4th
largest bank in the state by number of branches. U.S. Bancorp (NYSE:
USB), with $266 billion in assets, is the parent company of U.S. Bank,
the 6th largest commercial bank in the United States. The company
operates 2,850 banking offices and 5,173 ATMs in 24 states, and provides
a comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Source: U.S. Bank
Steve Dale, 612-303-0784