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U.S. Bancorp said Wednesday it plans to sell three Texas banks it recently acquired when it took over FBOP Corp.'s banking operations last month.
U.S. Bank on Thursday became the latest financial institution to back off on the penalties customers face for overdrafting their accounts.
Financial equities analyst Richard Bove said Monday that regional bank U.S. Bancorp's stock "might be ahead of itself," and the stock, which was up about 180 percent since its March low, slid nearly 4 percent in midday trading.
Second-quarter profit plunged 76 percent at U.S. Bancorp as credit costs rose and it repaid a government loan. But the results still beat Wall Street expectations as net revenue hit a quarterly record and the stock rose nearly 4 percent Wednesday.
U.S. Bancorp said Tuesday its first-quarter profit fell 61 percent as it more than doubled its provision for loan losses and took charges tied to securities losses. However, the bank still beat analysts' expectations.
U.S. Bancorp said Wednesday its board of directors approved a plan to slash its quarterly dividend on common stock by 88 percent.
U.S. Bancorp shares hit a 12-year low on Wednesday after the Minneapolis-based bank reported a 72 percent drop in earnings in the final three months of last year — its eighth-straight quarterly profit decline.
U.S. Bancorp said Tuesday that its third-quarter profit fell 47 percent, below analysts' expectations, as it took hits on investments and set aside a bigger provision for credit losses.
U.S. Bancorp's second-quarter earnings fell 18 percent, missing analysts' expectations, as the company more than tripled its provision for credit losses but offered assurances that its credit problems would continue to be manageable. Shares fell nearly 3 percent.
U.S. Bancorp said Tuesday its first-quarter earnings fell 4 percent due to losses stemming from the mortgage crunch but declared its credit problems will continue to be manageable.
Sovereign Bancorp Inc. on Wednesday reported a 12-fold widening in its losses in the fourth quarter, as it recorded a massive write-down because customers defaulted on loans and the value of its investment in a New York thrift fell.
U.S. Bancorp said Tuesday third-quarter earnings slipped 2 percent as operating expenses and credit provisions rose amid trouble on the mortgage and housing markets.
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