MINNEAPOLIS--(BUSINESS WIRE)--Aug. 3, 2006--The board of directors
of U.S. Bancorp (NYSE:USB) has authorized a program to repurchase up
to 150 million shares of its outstanding common stock. This new
authorization replaces the company's current share repurchase program.
U.S. Bancorp's shares of common stock may be repurchased starting
today through December 2008 in the open market or in privately
negotiated transactions. The reacquired common shares will be held as
treasury shares and may be reissued for various corporate purposes.
Jerry A. Grundhofer, chairman and chief executive officer of U.S.
Bancorp, stated, "This new 150 million share repurchase program,
combined with our common stock dividend, is an important component of
our plan to continue the commitment to return at least 80 percent of
our earnings to our shareholders."
U.S. Bancorp, with assets of $213 billion, is the 6th largest
financial holding company in the United States. The company operates
2,434 banking offices and 4,966 ATMs, and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and
payment services products to consumers, businesses and institutions.
U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on
the web at www.usbank.com.
The following information appears in accordance with the Private
Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements about U.S.
Bancorp. Statements that are not historical or current facts,
including statements about beliefs and expectations, are
forward-looking statements. These statements often include the words
"may," "could," "would," "should," "believes," "expects,"
"anticipates," "estimates," "intends," "plans," "targets,"
"potentially," "probably," "projects," "outlook" or similar
expressions. These forward-looking statements cover, among other
things, anticipated future revenue and expenses and the future plans
and prospects of the Company. Forward-looking statements involve
inherent risks and uncertainties, and important factors could cause
actual results to differ materially from those anticipated, including
changes in general business and economic conditions, changes in
interest rates, legal and regulatory developments, increased
competition from both banks and non-banks, changes in customer
behavior and preferences, effects of mergers and acquisitions and
related integration, and effects of critical accounting policies and
judgments. For discussion of these and other risks that may cause
actual results to differ from expectations, refer to our Annual Report
on Form 10-K for the year ended December 31, 2005, on file with the
SEC, for example the sections entitled "Risk Factors" and "Corporate
Risk Profile." Forward-looking statements speak only as of the date
they are made, and the Company undertakes no obligation to update them
in light of new information or future events.
CONTACT: U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judith T. Murphy (Analysts), 612-303-0783
SOURCE: U.S. Bancorp