Minneapolis-based U.S. Bancorp announced today that it has received preliminary approval from the federal treasury to sell $6.6 billion of preferred stock and related warrants to the treasury under the recently enacted Emergency Economic Stabilization Act of 2008.
"We fully support the efforts of the U.S. Treasury Department to stabilize the financial markets and increase the flow of credit to both consumers and businesses across the country," Richard K. Davis, chairman, president and CEO of U.S. Bancorp said in a prepared statement. "U.S. Bancorp is operating from a position of strength. During these uncertain times, the company has benefited from both a prudent approach to risk management and a diverse mix of businesses. Our capital position is solid."
U.S. Bancorp, with $247 billion in assets, is the parent company of U.S. Bank, the sixth-largest largest commercial bank in the United States as of Sept. 30.