11/11/2009

U.S. Bancorp Chief Executive Officer Richard Davis said Tuesday that the bank would increase loan-loss reserves in the fourth quarter. Reserves will be increased at the same rate as they were in the third quarter, Mr. Davis explained -- the bank raised reserves 9% during the third quarter to nearly $5 billion. Mr. Davis added that the bank had no intention of raising capital for acquisitions, unless a truly outstanding target was put forward.

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