U.S. Bank, Wells Fargo Exceed Expectations

U.S. Bancorp Extends Services to Europe

U.S. Bancorp Fund Services LLC, a provider of mutual fund and alternative investment services based in Milwaukee, has partnered with Europe’s second-largest custodian of funds that extends its services overseas, The Business Journal of Milwaukee reported.

U.S. Bank, Anchor Renegotiate Credit Line

A new agreement between Anchor BanCorp Wisconsin Inc. and U.S. Bank extends the due date on Anchor’s $116.3 million line of credit through May 31, 2011, with no principal payments required before maturity. Read the Milwaukee Journal Sentinel story.

FINRA Fines U.S. Bank Over Securities

The Financial Industry Regulatory Authority, or FINRA, has fined U.S. Bank $275,000 over charges related to the selling of auction-rate securities before the market for those securities collapsed in 2008. The Minneapolis-based banking company has already repurchased more than $150 million of auction rate securities held in customer accounts, according to the Business Journal of Milwaukee.

Banks Develop Opt-In Overdraft Programs

Associated Bank, Bank Mutual and U.S. Bank are now working to develop opt-in overdraft programs by the July 1 deadline. Last November, the Federal Reserve Board ruled that financial institutions may no longer charge customers fees for overdrafts on one-time debit card purchases and ATM withdrawals unless the customer consents to an overdraft service. Read more in the Small Business Times of Milwaukee.

Investors Decide Against $400M Anchor Deal

A $400 million investment pegged as Madison-based Anchor BanCorp’s financial salvation fell apart because a team of lenders, led by U.S. Bancorp, refused to go along with terms of the deal, the primary investor said. Read the Wisconsin State Journal article.

U.S. Bancorp Ends Year With Record Revenues

U.S. Bancorp reported fourth quarter net income of $602 million, or 30 cents per share, up from $330 million, or 15 cents per share, in the same period a year ago.
The Minneapolis-based parent company of U.S. Bank said its most recent quarter’s growth was the result of strong year-over-year growth in both net interest income and fee revenue. Read more in the Milwaukee Small Business Times.

U.S. Bank to Sell Three Texas Banks

Minneapolis-based U.S. Bank plans to sell three Texas banks that have five branches and $701 million in assets, which were acquired along with six other banks in California, Illinois and Arizona, the Business Journal reported.

U.S. Bank Eyes Opportunity in Wisconsin

“Where many Wisconsin banks see growth-stunting loan problems, U.S. Bank executives say they see opportunity,” the Milwaukee Journal Sentinel writes.

U.S. Bancorp Reinstates Exec Bonuses

U.S. Bancorp CEO Rick Davis and chief financial officer Andrew Cecere will again receive cash bonuses and stock options awards, perks both executives declined to take in January. Read more in the Business Journal.