U.S. Bancorp (USB) announced Wednesday that it has received approval federal approval for an incremental share repurchase plan to be executed in conjunction with its current authorization.

The company’s board of directors has approved an authorization, effective immediately, to repurchase up to $2.5 billion of its outstanding common stock, which is incremental to its current authorization of up to $3 billion. The stock may be repurchased in the open market or in privately negotiated transactions through June 30.

“This capital distribution reflects our ability to prudently manage capital as we respond to changes in the regulatory landscape, while continuing to invest in our future,” said Andy Cecere, chairman, president and CEO of U.S. Bancorp.