Entries tagged "U.S. Bancorp"

Regional bank earnings roundup

A lot of regional banks are releasing first-quarter earnings Tuesday and throughout the week. Here's a roundup.

U.S. Bancorp, Northern Trust to pay back TARP

Barney Frank announced that Northern Trust has already paid back its borrowed TARP funds and U.S. Bancorp will likely follow.

Uncle Sam receives $83.3M dividend check from U.S. Bancorp

Looks like the taxpayers aren't getting completely shafted by all the financial institutions that received money from its Troubled Asset Relief Program. U.S. Bancorp, which issued 6.599 million shares of preferred stock to the government, as well as a warrant to purchase up to 32.7 million shares of common stock, in exchange for $6.6 billion in TARP money, wrote a check for $83.3 million to the government in its first quarterly dividend payment connected with the federal bailout. ...

Bank Watch: J.P. Morgan snubbed in Smith Barney bid

Stocks were mixed Tuesday. The Dow was down 2.95 points at 8,471.02, the S&P 500 was up 3.34 points at 873.60, and the Nasdaq increased 12.80 points to1,551.59. Financial stocks were also mixed. ...

Report: U.S. Bancorp may make acquisitions

U.S. Bancorp is apparently on the hunt for opportunistic large acquisitions, according to a Wall Street Journal report. U.S. Bancorp chief financial officer Andrew Cecere told The Wall Street Journal that although it doesn't need a deal, it may seek one."We are absolutely of sufficient size to effectively compete," Cecere said. "We have the products, we have the customer base, we have the scale." ...

Midwestern regional banks continue to bleed

If Midwestern regional banks -- National City Corp., Fifth Third Bancorp and KeyCorp -- were in a hospital, they'd be listed in critical condition with doctors and nurses scrambling for ways to stop the bleeding. Their peer U.S. Bancorp would be down the hall, in fair condition, but with its vital signs being closely monitored. All four regional banks announced third-quarter earnings Tuesday morning, with U.S. Bancorp coming in as the lone profitable bank of the group.  ...

Will the government's capital plan encourage bank consolidation?

Treasury Secretary Hank Paulson's plan to invest $125 billion in the nation's nine leading banks is intended to send a clear message to the credit markets, but the hastily planned investments prompt a slew of questions. In short, Treasury's effort to "destigmatize"  troubled institutions by also buying into healthy banks means the latter could put that capital to work in an offensive, rather than a defensive, fahion. That could mean more acquisitions between have banks and have-not banks. Paulson is undoubtedly aware of this "side effect," which may in fact be intentional. After all, he didn't give troubled banks...

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