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U.S. Bank announces repurchase plan

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U.S. Bancorp, the holding company for U.S. Bank, announced Aug. 3 that it plans to repurchase up to 150 million shares of its outstanding common stock.

Company shares may be repurchased through December 2008 in the open market or in privately negotiated transactions. Any reacquired shares will be held as treasury shares and may be issued for corporate purposes.

The Minneapolis-based bank last month reported second-quarter earnings per share of 66 cents, up 10 percent from the previous year.

U.S. Bancorp shares (NYSE: USB) closed Friday at $32.31, just off a 52-week high of $32.45.

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