on Wednesday said it paid $83.3 million to the government in its first quarterly dividend payment connected with the federal bailout.
The Minneapolis-based company, generally seen as one of the healthier banks of the large-cap names, said late Tuesday that it paid a cash dividend of $12.63 a share on the Series E Fixed-Rate Cumulative Perpetual Preferred Stock to the Treasury Department.
The company in November 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 from Treasury's Troubled Asset Relief Program, or TARP.
, US Bancorp has also been an acquirer of troubled institutions. With the help of the Federal Deposit Insurance Corp., the company purchased in November the deposits and certain assets of both
, of Newport Beach, Calif., and
, headquartered in Rancho Cucamonga, Calif.
reported a 65% drop in fourth-quarter profit to $330 million, or 15 cents a share. The company set aside an additional $1.27 billion for loan losses, roughly double its net charge-offs for the quarter.
Shares were rising 7.3% to $14.70.