US Bank 2009 Annual Report Download - page 124
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Transfer of funds (dividends, loans or advances) from
bank subsidiaries to the Company is restricted. Federal law
requires loans to the Company or its affiliates to be secured
and generally limits loans to the Company or an individual
affiliate to 10 percent of each bank’s unimpaired capital and
surplus. In the aggregate, loans to the Company and all
affiliates cannot exceed 20 percent of each bank’s
unimpaired capital and surplus.
Dividend payments to the Company by its subsidiary
banks are subject to regulatory review and statutory
limitations and, in some instances, regulatory approval. The
approval of the Comptroller of the Currency is required if
total dividends by a national bank in any calendar year
exceed the bank’s net income for that year combined with its
retained net income for the preceding two calendar years, or
if the bank’s retained earnings are less than zero.
Furthermore, dividends are restricted by the Comptroller of
the Currency’s minimum capital constraints for all national
banks. Within these guidelines, all bank subsidiaries have the
ability to pay dividends without prior regulatory approval.
The amount of dividends available to the parent company
from the bank subsidiaries at December 31, 2009, was
approximately $2.8 billion.
Note 24 Subsequent Events
The Company has evaluated the impact of events that have
occurred subsequent to December 31, 2009 through the date
the consolidated financial statements were filed with the
United States Securities and Exchange Commission. Based
on this evaluation, the Company has determined none of
these events were required to be recognized in the
consolidated financial statements.
122 U.S. BANCORP