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Wednesday A.M. Report

U.S. Bancorp profits double in Q4, U of M President Bob Bruininks has prostate cancer, AMC to buy Kerasotes, and Gary Stern joins Dolan Media board.

U.S. Bancorp profits double in Q4; bad loans also jump: U.S. Bancorp today reported a doubling of fourth-quarter profits as the Minneapolis-based regional banking giant enjoyed growth in mortgage banking revenue. But write-offs for bad loans almost doubled from their year-ago point, as well. U.S. Bancorp had earnings of $580 million, or 30 cents per share, for the quarter ended Dec. 31. Read full story

University of Minnesota President Bob Bruininks has prostate cancer: University of Minnesota President Bob Bruininks announced Tuesday that he has been diagnosed with stage 1 prostate cancer. Bruininks, who was named the Business Journal’s 2009 Executive of the Year, plans to undergo surgery Feb. 1. Read full story

AMC to buy Kerasotes: AMC Entertainment on Tuesday said it has agreed to buy most of the assets of Kerasotes Showplace Theaters, including three theaters in Minnesota. Kansas City, Mo.-based AMC will acquire the Kerasotes locations in Coon Rapids, Inver Grove Heights and at Block E in downtown Minneapolis. The deal, however, does not include the new ShowPlace Icon theater, which opened at the Shops at West End in St. Louis Park. Read full story

Gary Stern joins Dolan Media board: Dolan Media Co.said Tuesday it has added Gary Stern, former president and CEO of the Federal Reserve Bank of Minneapolis, to its board of directors. Stern, 65, joined the local Fed as senior vice president and director of research in 1982. He led the organization from 1985 until his retirement last summer. Read full story