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Note: The following text is a quote: Bryan Resident Sentenced to Prison for Bank Fraud HOUSTON—Mohammad Ghafrullah Choudhry, aka Muhammad Ullah, a Pakistani national and resident of Bryan, Texas, was sentenced to 10 months' imprisonment for bank fraud, United States Attorney Tim Johnson and FBI Special Agent in Charge Richard C. Powers announced today. Convicted in June 2009 after pleading guilty to bank fraud, Choudhry, 46, was sentenced today by U.S. District Judge Melinda Harmon. In June, Choudhry admitted to using the name Muhammad Ullah and a fraudulently acquired Social Security number to open credit card accounts with five banks—JP...

U.S. Bancorp, one of the 10 largest U.S. banks, said quarterly profit fell 65 percent to its lowest level since 2001, hurt by costs to boost credit reserves and write down investments. The results show how the recession and credit crisis have not spared even lenders considered relatively conservative. U.S. Bancorp's mix of businesses is less directly exposed to the health of consumer borrowers than that at many rivals.... In morning trading, shares of U.S. Bancorp were down $1.90, or 12.4 percent, to $13.44 despite a partially recovery in the broader banking sector following steep losses on Tuesday. Fourth-quarter profit...

NEW YORK (Reuters) - U.S. Bancorp (NYSE:USB - News) posted a larger-than-expected 18 percent decline in quarterly profit due to mounting housing-related credit losses, and said that tough economic conditions will cause bad loans to increase further. The results, from a bank that has avoided the massive credit losses afflicting many rivals, do not augur well for the rest of the nation's banks,