US Bank 2014 Annual Report Download - page 116

on or after July 15, 2018. The Series H Preferred stock is
redeemable at the Company’s option, in whole, but not in
part, prior to July 15, 2018 within 90 days following an official
administrative or judicial decision, amendment to, or change
in the laws or regulations that would not allow the Company
to treat the full liquidation value of the Series H Preferred
Stock as Tier 1 capital for purposes of the capital adequacy
guidelines of the Federal Reserve.
During 2012, the Company issued depositary shares
representing an ownership interest in 44,000 shares of
Series F Non-Cumulative Perpetual Preferred Stock with a
liquidation preference of $25,000 per share (the “Series F
Preferred Stock”), and depositary shares representing an
ownership interest in 43,400 shares of Series G Non-
Cumulative Perpetual Preferred Stock with a liquidation
preference of $25,000 per share (the “Series G Preferred
Stock”). The Series F Preferred Stock and Series G Preferred
Stock have no stated maturity and will not be subject to any
sinking fund or other obligation of the Company. Dividends, if
declared, will accrue and be payable quarterly, in arrears, at
a rate per annum equal to 6.50 percent from the date of
issuance to, but excluding, January 15, 2022, and thereafter
at a floating rate per annum equal to three-month LIBOR
plus 4.468 percent for the Series F Preferred Stock, and 6.00
percent from the date of issuance to, but excluding, April 15,
2017, and thereafter at a floating rate per annum equal to
three-month LIBOR plus 4.86125 percent for the Series G
Preferred Stock. Both series are redeemable at the
Company’s option, in whole or in part, on or after January 15,
2022, for the Series F Preferred Stock and April 15, 2017, for
the Series G Preferred Stock. Both series are redeemable at
the Company’s option, in whole, but not in part, prior to
January 15, 2022, for the Series F Preferred Stock and prior
to April 15, 2017, for the Series G Preferred Stock, within 90
days following an official administrative or judicial decision,
amendment to, or change in the laws or regulations that
would not allow the Company to treat the full liquidation
value of the Series F Preferred Stock or Series G Preferred
Stock, respectively, as Tier 1 capital for purposes of the
capital adequacy guidelines of the Federal Reserve Board.
During 2010, the Company issued depositary shares
representing an ownership interest in 5,746 shares of
Series A Preferred Stock to investors, in exchange for their
portion of USB Capital IX Income Trust Securities. During
2011, the Company issued depositary shares representing an
ownership interest in 6,764 shares of Series A Preferred
Stock to USB Capital IX, thereby settling the stock purchase
contract established between the Company and USB Capital
IX as part of the 2006 issuance of USB Capital IX Income
Trust Securities. The preferred shares were issued to USB
Capital IX for the purchase price specified in the stock
forward purchase contract. The Series A Preferred stock has
a liquidation preference of $100,000 per share, no stated
maturity and will not be subject to any sinking fund or other
obligation of the Company. Dividends, if declared, will accrue
and be payable quarterly, in arrears, at a rate per annum
equal to the greater of three-month LIBOR plus 1.02 percent
or 3.50 percent. The Series A Preferred Stock is redeemable
at the Company’s option, subject to prior approval by the
Federal Reserve Board.
During 2006, the Company issued depositary shares
representing an ownership interest in 40,000 shares of
Series B Non-Cumulative Perpetual Preferred Stock with a
liquidation preference of $25,000 per share (the “Series B
Preferred Stock”). The Series B Preferred Stock has no
stated maturity and will not be subject to any sinking fund or
other obligation of the Company. Dividends, if declared, will
accrue and be payable quarterly, in arrears, at a rate per
annum equal to the greater of three-month LIBOR plus
.60 percent, or 3.50 percent. The Series B Preferred Stock is
redeemable at the Company’s option, subject to the prior
approval of the Federal Reserve Board.
During 2014, 2013 and 2012, the Company repurchased
shares of its common stock under various authorizations
approved by its Board of Directors. As of December 31, 2014,
the approximate dollar value of shares that may yet be
purchased by the Company under the current Board of
Directors approved authorization was $520 million.
The following table summarizes the Company’s common
stock repurchased in each of the last three years:
(Dollars and Shares in Millions) Shares Value
2014........................................... 54 $2,262
2013........................................... 65 2,336
2012........................................... 59 1,878
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