US Bank Reports 4Q2008 Financial Results

US Bank has reported financial results for the fourth quarter of 2008. Among the details, US Bank reported that debit card transaction dollar volume was essentially unchanged in the fourth quarter as compared to the same quarter in 2007 and was actually down sequentially from the second and third quarter of 2008.

For credit cards, the bank reported a decline in credit card purchase volume in the fourth quarter of about 3.5% from both the prior year. Fourth quarter credit card purchase volume was also lower that in both the second and third quarter of 2008. In the bank's merchant acquiring business (Elavon), the number of transactions processed increased about 3.5% over the prior year while the purchase volume declined about 6%.