U.S. Bancorp Will Exit the FDIC's Transaction Account Guarantee Program

November 2, 2009 3:55 PM EST

MINNEAPOLIS--(BUSINESS WIRE)-- 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

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• Treasury Capital Purchase Program
• FDIC

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