US Bank 2015 Annual Report Download - page 117

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 2015, 2014 and 2013, the Company repurchased
shares of its common stock under various authorizations
approved by its Board of Directors. As of December 31,
2015, the approximate dollar value of shares that may yet be
purchased by the Company under the current Board of
Directors approved authorization was $1.3 billion.
The following table summarizes the Company’s common
stock repurchased in each of the last three years:
(Dollars and Shares in Millions) Shares Value
2015 ............................ 52 $2,246
2014 ............................ 54 2,262
2013 ............................ 65 2,336
—115 —