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U.S. Bank Receives $125 Million New Markets Tax Credit Allocation to Attract Investment in Distressed and Underserved Areas


ST. LOUIS, Mo. (Oct. 24, 2007) - U.S. Bank community development entity (USBCDE) has received a $125 million New Markets Tax Credit (NMTC) allocation authority - one of the largest awarded this year - from the U.S. Treasury's Community Development Financial Institutions Fund (CDFI Fund). This allocation will allow USBCDE to provide loans and investments at extremely favorable rates to companies who are developing property, setting up businesses and providing community services in low income communities across the nation.

Last year, the St. Louis based USBCDE received an allocation award of $135 million from CDFI Fund that it used to help finance projects as diverse as a school for homeless children in Oregon to community health and education centers in Utah and Wisconsin, as well as offices buildings in Alaska, North Carolina and Rhode Island.

Kathy Bader, chairman and chief executive officer of U.S. Bancorp Community Development Corporation (USBCDC), said, "As the most active New Markets Tax Credit investor in the country, our track record has demonstrated our commitment to this program, and we are seeing many success stories in low income and urban neighborhoods from this federal tax credit program."

USBCDC has completed more than 210 NMTC projects since 2004, and its impact is far reaching: 35 states and 70 cities and towns.

Zack Boyers, executive vice president of U.S. Bancorp Community Development Corporation, said, "We'll use this allocation award to expand our role as an agent of positive change in truly distressed communities. By working with other partners dedicated to this cause, we're confident we can use private capital for social good."

Matt Philpott, U.S. Bank vice president and manager of USBCDE said, "In collaboration with our other CDE partners, having control of our own NMTC allocation has been a critical component to enabling us to expand investment activity by targeting projects that will trigger significant economic and social change in a relatively quick time frame."

Chris Krehmeyer, president and chief executive officer of Beyond Housing, said, "U.S. Bank continues to be the innovative leader, supporting low-income housing and bringing creative solutions and resources to community development projects throughout the country."

USBCDE's allocation this year of $125 million is part of a $3.9 billion NMTC package recently announced by the U.S. Treasury. The NMTC program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Substantially all of the qualified equity investments must in turn be used by the CDE to provide investments in low-income communities.

About U.S. Bancorp's Community Development Corporation

With assets of nearly $4 billion, U.S. Bancorp's Community Development Corporation (USBCDC) is one of the largest New Markets Tax Credit (NMTC) investors in the country. It also makes equity investments in low-income housing and historic tax credits. Both are subsidiaries of U.S. Bancorp (NYSE: USB), with assets of $228 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,512 banking offices and 4,870 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.

U.S. Bank News Release
Contact: Lisa Clark, Media Relations
(608) 877-7517 phone
(888) 437-8620 pager

"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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