U.S. Bancorp Authorizes New $2.3 Bln Share Buyback - Quick Facts

(RTTNews) - U.S. Bancorp (USB) Wednesday said, the Federal Reserve did not object to the company's plan to increase its capital distributions over the next four fiscal quarters.

U.S. Bancorp stated that as a result of the Federal Reserve's non-objection to its plan to increase its dividend rate, the company will recommend in June that its board of directors approve an increase to the annual dividend rate beginning with the second quarter dividend payable in July 2014. The company expects to recommend a second quarter dividend of $0.245 per common share, a 6.5 percent increase over the current dividend rate.

Additionally, the board of directors of U.S. Bancorp has approved a one-year authorization to repurchase up to $2.3 billion of its outstanding stock, beginning on April 1, 2014, to replace the current authorization, which expires on March 31, 2014.