MINNEAPOLIS--(BUSINESS WIRE)--Nov. 2, 2009--
U.S. Bancorp (NYSE: USB) announced today that its banking subsidiaries,
U.S. Bank National Association and U.S. Bank National Association ND,
will opt-out of the six-month extension of the Transaction Account
Guarantee Program (TAGP). The current program, which is in effect
through December 31, 2009, provides full insurance coverage from the
FDIC on noninterest-bearing transactional accounts with balances greater
than $250,000. Effective January 1, 2010, FDIC insurance will be limited
to $250,000 per transactional account.
The decision to opt-out of the extension of the TAGP is a reflection of
U.S. Bancorp’s strong capital and liquidity position. U.S. Bancorp
previously announced the redemption of the $6.6 billion of preferred
stock issued under the U.S. Treasury’s Capital Purchase Program (TARP)
and the repurchase of the 10-year warrant issued to the U.S. Treasury in
conjunction with the TARP program, effectively concluding the company’s
participation in TARP.
Minneapolis-based U.S. Bancorp (“USB”), with $265 billion in assets as
of September 30, 2009, is the parent company of U.S. Bank National
Association, the 6th largest commercial bank in the United States. The
company operates 2,851 banking offices and 5,175 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 usbank.com.
Source: U.S. Bancorp
U.S. Bancorp
Judith T. Murphy, Investors/Analysts, 612-303-0783
Teri
Charest, Media, 612-303-0732
