US Bank 2009 Annual Report Download - page 9
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Please find page 9 of the 2009 US Bank annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.U.S. BANCORP 7
Loans and Deposits
(Dollars in Billions)
200
100
0
05 06 07 08 09
05
05
136.5
124.7
Loans
Deposits
06
06
143.6
124.9
07
07
153.8
131.4
08
08
185.2
159.4
09
09
195.4
183.2
will be required going forward. We will continue to assess
and evaluate the effect of these factors on our company,
and we will await evidence of a sustainable economic
recovery and clear capital guidelines before we take a
defi nitive action on our dividend.
Accordingly, the quarterly dividend rate of $.05 per common
share was thoughtfully considered last December and was
maintained. We greatly appreciate the impact that this lower
dividend rate has on our shareholders, and we are grateful
for your support of our prudent approach to capital
preservation at this critical time.
Leadership
New rules governing the operations of fi nancial institutions
should be expected in the near future in an effort by
regulators and legislators to prevent a repeat of the issues
that precipitated the current economic recession. We intend
to be involved in the discussions and decision-making that
will craft the next generation of banking policy.
We fully support fi nancial regulatory reform and strong
consumer protection. We recognize the need for oversight
of systemically important institutions, and we welcome a
new model of regulation that would also oversee non-bank
fi nancial services providers. America deserves a strong
fi nancial system that operates in a more transparent and
prudent manner — and we seek a key role as a partner
in the development of this new system.
Finally, while we fully support steps to bring stability back to
the fi nancial services industry, we will continue to protect
and differentiate U.S. Bancorp, helping to ensure that any
new rules and policies do not impair our ability to best serve
our customers and shareholders.
Looking forward
I am confi dent that U.S. Bancorp’s momentum will only
accelerate in a recovering economy. We have the depth,
determination and strength to withstand continuing
challenges and we are positioned for growth and prosperity
in the future. We will continue to manage U.S. Bancorp
for the benefi t of our shareholders, our customers, our
employees — and the economic well-being of our country
and its economy.
Your trust is well placed and we are grateful for your support
and engagement. We are “dream makers” and look forward
to our emerging role as one of America’s best banks!
Sincerely,
Richard K. Davis
Chairman, President and Chief Executive Offi cer
February 26, 2010