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U. S. Bank Corporate Trust Services Ranked #1 Municipal Bond Trustee in Nation

Top Ranking by Thomson Financial

MINNEAPOLIS (October 31, 2007) – U.S. Bank Corporate Trust Services has been ranked the number one municipal trustee in the nation for the first nine months of 2007, according to Thomson Financial. The ranking was published in The Bond Buyer's October 15, 2007 issue.

U.S. Bank's ranking was based upon the bank's number of issues (981) – amounting to more than $45.1 billion in issue par value.

“We're very proud to be recognized as the number one municipal trustee in the nation,” said Terry McRoberts, executive vice president of U.S. Bank Corporate Trust Services. “While there are many options from which our customers may choose, it is gratifying to see that the national customer preference so far this year is clearly U.S. Bank. Our continuous efforts toward improvements in our products and delivery to bring the best service to our customers has resulted in U.S. Bank being the provider of choice for tax-exempt bond deals across the country.”

U.S. Bank Corporate Trust Services is one of the nation's largest providers of trustee services with more than $2.3 trillion in assets under administration in municipal, corporate, asset-backed and international bonds. In addition, it provides paying agent, escrow agent, stock transfer, document collateral services and claims processing through its network of offices nationwide. U.S. Bank Corporate Trust Services consistently ranks as a leader in municipal trustees, and continues to rank among the top five nationally for asset-backed issues.

U.S. Bancorp (NYSE: USB), with assets of $228 billion, is 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. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

Contact: Amy Frantti
Media Relations
(612) 303-0733

"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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