U.S. Bancorp Plans Major Share Buy-Back
Minneapolis-based U.S. Bancorp said it will repurchase up to $2.5 billion worth of its shares, adding that it also plans to explore acquisitions that “make sense.” The repurchase announcement came a day after cross-town rival bank Norwest Corp. said it would merge with San Francisco-based Wells Fargo & Co. U.S. Bancorp is widely believed by the financial community to have been interested in a deal with Wells. U.S. Bancorp, with about 743 million shares outstanding, said it will make the repurchases over a period ending March 31, 2000. U.S. Bancorp was formed last August when First Bank System Inc. acquired Portland, Ore.-based U.S. Bancorp and adopted its name. U.S. Bancorp shares rose 31 cents to close at $40.31 on the New York Stock Exchange.