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U.S. Bancorp Announces New Wealth Management and Securities Services Division

Mark Jordahl to Lead Wealth Management Group

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 10, 2007--U.S. Bancorp (NYSE:USB) announced today the rebranding of its wealth management division to more clearly define the scope of its business and strategy going forward. The division's new name will be Wealth Management and Securities Services Division and will continue to be managed by Diane Thormodsgard, who was named vice chairman and head of U.S. Bancorp's wealth management area in April 2007.

The wealth management group will include U.S. Bancorp's private client group (PCG), which includes private banking and personal trust; private asset management (PAM), which provides investment advice to clients; and U.S. Bancorp Investments and Insurance Services (USBII) which consists of investment brokers across the U.S. Bank branch footprint. The Securities Services group will consist of corporate trust services, institutional trust and custody, U.S. Bancorp Fund Services LLC, and FAF Advisors. FAF Advisors provides investment management for the First American Funds, a proprietary family of mutual funds.

"The natural evolution of our wealth management structure provides us with a great opportunity to provide our customers a unified team approach going forward," noted Thormodsgard. "We have been moving toward a combined approach in wealth management for some time. Our clients will be able to invest, borrow and plan for future generations with the same team. At the same time, our securities services functions will continue to operate at industry leading levels."

Thormodsgard named Mark Jordahl as president of the wealth management group. Jordahl will be responsible for bringing together the wealth management businesses under one umbrella. "Mark's experience and leadership are perfect for effecting this consolidation," said Thormodsgard. "Mark will direct this refocus of our efforts to usher in the next chapter in our future."

Jordahl, who previously was chief investment officer for U.S. Bancorp's FAF Advisors, remarked, "I am excited to join the wealth management organization. We have a team that is passionate about serving its clients, we see this as a growth business, and we are committed to becoming a much larger player in the wealth management space."

Jordahl began working in the financial services industry in 1982 and joined FAF Advisors in 2001. Jordahl has a bachelor's degree from Concordia College and an MBA from the University of Minnesota's Carlson School of Management.

U.S. Bancorp, with assets of $223 billion, is the 6th largest commercial bank in the United States. The company operates 2,499 banking offices and 4,867 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

    CONTACT: U.S. Bancorp
             Steve Dale, Media, 612-303-0784
             Judy Murphy, Analysts, 612-303-0783

    SOURCE: U.S. Bancorp
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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