US Bancorp Says Portion of Settlement $80M, Sees Deal Cutting Q4 EPS by $0.03

U.S. Bancorp USB issued the following statement in response to this morning's announcement from the OCC and the Federal Reserve regarding the Independent Foreclosure Review settlement agreement: U.S. Bancorp has long been committed to sound modification and foreclosure practices. We have always regarded foreclosure as a last resort, and have helped thousands of borrowers over the past several years to stay in their homes through a variety of modification programs. U.S. Bancorp's share of the settlement will include a cash payment of $80 million (pretax), which is expected to reduce fourth-quarter 2012 earnings per share by approximately 3 cents. In addition, the settlement includes a commitment to provide approximately $128 million of other mortgage assistance, such as loan modifications, which is covered by existing loan loss reserves. We continue to support customers and stand ready to assist them.