U.S. Bancorp to redeem preferreds with depositary shares proceeds

By Ashley Montgomery

Kansas City, Kan., Jan. 18 - U.S. Bancorp intends to use the proceeds from its offering of depositary shares to redeem some of its callable trust preferred securities, according to a filing with the Securities and Exchange Commission.

The company expects to redeem trust preferred securities issued by USB Capital VIII, USB Capital X or other trust affiliates.

The depositary shares represent interests in series F non-cumulative perpetual preferred stock.

Proceeds from the offering may also be used for general corporate purposes.

Minneapolis-based U.S. Bancorp is a financial holding company and the parent company of U.S. Bank.

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