U.S. Bancorp provided $600 mln funding to conduit

NEW YORK, May 12 (Reuters) - U.S. Bancorp (USB.N: Quote, Profile, Research), the sixth-largest U.S. bank, said on Monday that it provided $600 million to its off-balance sheet conduit in the first quarter after the investment vehicle stopped issuing commercial paper.

U.S. Bancorp said in a regulatory filing that it expected to have to provide more funding to the conduit, which held $1.1 billion in mortgage-backed securities, collateralized mortgage obligations and other assets, during the second quarter.

The Minneapolis-based bank is advancing funding to the special purpose entity via a credit line triggered by the conduit's inability to replace commercial paper as it matured.

Numerous other banks, most notably Citigroup Inc (C.N: Quote, Profile, Research), have also been forced to take exposure from similar off-balance sheet investment vehicles in recent months as they struggled to fund themselves. (Reporting by Christian Plumb; Editing by Steve Orlofsky)