U.S. Bancorp’s Joseph Sells 106K Shares Worth $2.7M

A regulatory filing indicates that a U.S. Bancorp executive sold 106,700 shares of common stock at an average price of $25.40 after having paid the option price of $21.93 per share.

Pamela Joseph, vice chairman of payment services for Minneapolis-based U.S. Bancorp, has sold about $2.71 million worth of her company's stock, according to a recent filing with the U.S. Securities and Exchange Commission (SEC).

The filing indicates that Joseph sold 106,700 shares of common stock at an average price of $25.40, after buying them at the option price of $21.93-a profit of more than $370,000. The employee stock option was set to expire in late July, and she still owns about 72,800 shares of common stock from the transaction, the filing states.

Joseph assumed her role as vice chairman in 2004. She is also chairman and CEO of Atlanta-based Elavon, Inc., a wholly owned subsidiary of U.S. Bancorp.

U.S. Bancorp, the parent company of U.S. Bank, is Minnesota's largest bank-holding company with $308 billion in assets as of the end of 2010. U.S. Bank-which operates 3,069 banking offices in 25 states-is the fifth-largest commercial bank in the country.

Joseph isn't the only local executive to recently consider cashing in on shares of their company. A recent SEC filing showed that George Buckley, CEO of Maplewood-based 3M Company, may sell up to one-third of his shares-350,272-by July 21.