MINNEAPOLIS--(BUSINESS WIRE)--June 21, 2007--U.S. Bank National
Association has been awarded an "Outstanding" rating, the highest
rating possible, by the Office of the Comptroller of the Currency
(OCC) for its commitment to the letter and spirit of the Community
Reinvestment Act (CRA). By awarding this rating, the OCC acknowledged
that U.S. Bank is continuing to meet the credit needs of all its
segments of its communities.
"U.S. Bank is committed to the communities where we do business
through the products and services provided through its retail branches
and other lines of business, the financing of affordable housing
programs, hosting financial education classes for our customers and
other members of our communities, and much more," said Richard Davis,
president and chief executive officer of U.S. Bancorp, the parent
company of U.S. Bank. "U.S. Bank is here to meet the needs of all its
communities."
The OCC reports that U.S. Bank was "Outstanding" in both the
lending and investment test ratings and "high satisfactory" in the
service test rating. The OCC indicated that the factors supporting
this rating are:
-- U.S. Bank's lending performance is excellent, including the
volume of community development lending and the responsiveness
of the loans to identified needs in the bank's various
assessment areas. In total, the company made more than $3.1
billion in community development loans inside its various
assessment areas.
-- U.S. Bank originated an excellent volume of qualified
investments during the evaluation period, and demonstrated
excellent responsiveness to the identified investments needs
of its communities, especially through investment tools that
promote affordable housing for low- to moderate-income
individuals.
-- Distribution of loans to geographies of different income
levels is good, and is excellent for home purchase loans;
-- U.S. Bank's branch network is accessible to geographies and
individuals of different incomes, and the same products and
services are offered at each of the branches
-- The OCC noted a relatively high level of community development
services by U.S. Bank, including providing financial services
education and training to first-time homebuyers and youth.
U.S. Bank's services involve ongoing relationships with
organizations that work on affordable housing and other
community development goals.
During a nearly year-long examination process, the OCC evaluated
U.S. Bank N.A.'s mortgage lending efforts, including home purchases,
home improvement and refinance loans and small business, as well as
community development lending and investments from Jan. 1, 2003
through Dec. 31, 2005.
The OCC report noted most of U.S. Bank's community development
loans addressed affordable housing needs or projects that helped to
stabilize or revitalize low- to moderate-income areas. Also included
in the report was information on U.S. Bank's use of flexible loan
programs, several of the bank's nationwide loan programs that support
affordable housing as well as small businesses, partnerships with
local governments and non-profit organizations and the American Dream
home loan program.
Congress passed the CRA in 1977 to ensure that financial
institutions meet the credit needs of all areas that the institution
serves, including low- and moderate-income areas and people. Financial
institutions, including banks, are examined in lending, investment and
service categories every two years.
U.S. Bancorp (NYSE:USB), with $221 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,498 banking offices and 4,837
ATMs, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
CONTACT: U.S. Bancorp
Amy Frantti, Media Relations, 612-303-0733
SOURCE: U.S. Bancorp
