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USB Sees Higher HE Charge-Offs.(Managing REO)
Minneapolis-U.S. Bancorp's residential and commercial mortgage portfolios grew at a strong clip in 2008, as the company expanded its presence in the mortgage space through acquisitions of troubled banks.
The company, which acquired Downey Savings and Loan as well as PFF Bank and Trust late last year from the FDIC, earned net income of $330 million in the fourth quarter of 2008, down 65% from $942 million in the fourth quarter of 2007.
CEO Richard Davis stressed that USB remains "open for business" despite the troubled economy.
The company's portfolio included $23.4 billion of residential mortgages at the end of the year, up 3.4% from one year earlier.
It also saw its ...
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Source: HighBeam Research, USB Sees Higher HE Charge-Offs.(Managing REO)