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November 28, 2009

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Profit reports mixed

Thursday, Jan. 20, 2000 | 11:34 a.m.

U.S. Bancorp, the 12th-largest U.S. bank and a player in the Nevada market, said profit from operations rose 2.1 percent to $385 million, or 52 cents a share, from $377 million, or 52 cents. That missed the average estimate by a penny.

The Minneapolis-based bank warned last month that profit wouldn't meet its expectations after consumer lending slumped and higher interest rates made it difficult to boost profit from loans. It said fourth-quarter earnings per share would be 52 cents to 54 cents, missing the average analyst estimate at the time of 59 cents.

Including one-time items, net income rose 5.7 percent to $369 million, or 50 cents, from $349 million, or 48 cents.

Separately, First Security Bank parent First Security Corp. of Salt Lake City said it earned $66.3 million or 33 cents in the fourth quarter, down $1 million or 2 cents per share from the year-ago period.

First Security attributed the decline to non-recurring items including costs of its pending merger with Zions Bancorporation.

And Colonial BancGroup Inc. of Montgomery, Ala., parent of Colonial Bank, said it earned a record $30.8 million or 27 cents per share vs. a loss of $3.9 million or 4 cents per share in the year-ago quarter.

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