U.S. Bank, Chase repay TARP money - Denver Business Journal:

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Minneapolis-based U.S. Bank (NYSE: USB) was returning $6.6 billiob and New York-based JPMorgan Chase (NYSE: JPM) was givingv back $10 billion. They are amongb several large U.S. banks that were expecter to refund TARPmone Wednesday, the first day that many banks were eligibl to do so under the $700 billiojn rescue program’s rules. Under TARP, several large banks had to meetgovernmentr “stress test” requirements before getting permission to repat funds. U.S. Bank — Colorado’d third-largest by deposits — had previouslyt announced its plans to redeem the preferred stock issued tothe Treasury, and last week it receivedx approval from the government to do so.
U.S. Bank also told the Treasurhy it intends to repurchasesthe 10-year warrant it had issued along with the preferrerd stock. “The redemption allows our company to return to operatinyg from a position of both independent strength andstrategifc flexibility,” said Richard Davis, the company’s CEO and chairman, in a statement. The Treasury in May announcedethat U.S. Bank passed its stress which showed it would be able to ride out the economi c downturn without having to raise more Davis has been an outspoken criticc ofthe government’s capital purchase In February he called the prograjm “lousy” and said the banking industru was pressured to participate.
Other banks expected to refund TARP money Wednesdauy include AmericanExpress Co., Goldman Sachs Group Inc., Morgan Stanley and BB&T Corp.