U.S. Bancorp Issues Statement in Response to Independent Foreclosure Review
MINNEAPOLIS -- January 7, 2013
U.S. Bancorp issued the following statement in response to this morning’s
announcement from the OCC and the Federal Reserve regarding the Independent
Foreclosure Review settlement agreement:
U.S. Bancorp has long been committed to sound modification and foreclosure
practices. We have always regarded foreclosure as a last resort, and have
helped thousands of borrowers over the past several years to stay in their
homes through a variety of modification programs.
U.S. Bancorp’s share of the settlement will include a cash payment of $80
million (pretax), which is expected to reduce fourth-quarter 2012 earnings per
share by approximately 3 cents. In addition, the settlement includes a
commitment to provide approximately $128 million of other mortgage assistance,
such as loan modifications, which is covered by existing loan loss reserves.
We continue to support customers and stand ready to assist them.
U.S. Bancorp, with $352 billion in assets as of September 30, 2012, is the
parent company of U.S. Bank, the fifth-largest commercial bank in the United
States. The company operates 3,086 banking offices in 25 states and 5,080 ATMs
and provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. U.S. Bancorp and its employees are dedicated to
improving the communities they serve, for which the company earned the 2011
Spirit of America Award, the highest honor bestowed on a company by United
Way. Visit U.S. Bancorp on the web at www.usbank.com.
Thomas Joyce, Public Relations, 612-303-3167
Judith T. Murphy, Investor Relations, 612-303-0783
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