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U.S. Bank Opens New York City Wholesale Banking Office

NEW YORK--(BUSINESS WIRE)--Nov. 2, 2007--U.S. Bank announced today that it has opened a national corporate and institutional banking office in midtown New York City with a staff of experienced banking professionals to serve a growing client base on the east coast. The office, located at 461 Fifth Avenue, reflects U.S. Bank's commitment to expanding its wholesale banking business on a national scale. In addition, the bank's wealth management division also has a presence at this location, providing investment and advisory services to individuals, families, nonprofit and corporate clients.

This new U.S. Bank office complements the bank's existing New York City location at 100 Wall Street, which has more than 100 employees serving clients' corporate trust and custody needs.

U.S. Bank's recently opened midtown New York City office provides a full range of wholesale banking services for corporations, financial institutions and governmental and nonprofit organizations. Leslie Godridge, who joined U.S. Bank earlier this year as executive vice president and head of the company's national corporate banking division, which includes special lending units such as retail and apparel, broker-dealer and mortgage banking, will serve as head of the New York City office.

"At U.S. Bank, we continue to grow our wholesale banking platform on a national scale to serve the sophisticated banking, treasury management, credit and capital markets needs of large corporate and institutional clients. Also, with our leadership position and expertise in the payments industry, we can provide even deeper relationships for our clients," said Dick Payne, vice chairman of corporate banking at U.S. Bank. "As the sixth largest commercial bank in the United States, it makes perfect sense for us to have a meaningful presence in New York, the world's financial capital."

In addition to Godridge, the following senior banking professionals have joined the U.S. Bank management team based in the New York City office:

    --  Sal Maglietta, executive vice president and head of U.S.
        Bank's specialty finance unit

    --  John Lambert, senior vice president and head of media industry
        banking and sponsor leveraged lending

    --  Richard Raffetto, senior vice president and head of
        correspondent banking, government banking and national
        endowment, foundation and nonprofit banking

    --  Robert Joyce, senior vice president and head of healthcare
        industry banking

    --  William Barnum, senior vice president and head of retail and
        apparel industry banking

    --  Walter Parelli, senior vice president and head of northeast
        corporate banking

    --  Charles "Chip" Philipp, senior vice president and chief credit
        officer of U.S. Bank's specialty finance unit

The following banking professionals have also joined U.S. Bank's recently opened New York City office:

    --  Robert Barrett, Jr., senior vice president, broker-dealer
        industry banking

    --  Lea Emery, senior vice president in U.S. Bank's wealth
        management division

    --  Christopher Kordes, senior vice president, healthcare industry

    --  Manolis Saridakis, vice president, northeast corporate banking

    --  Cynthia Chu, vice president, retail and apparel industry

    --  Norman Coker, senior vice president, tax-exempt and nonprofit

U.S. Bank is among the leading institutions nationwide in payments, treasury management, commercial real estate and corporate and institutional trust. In addition to the New York City office, U.S. Bank has six other wholesale banking centers located throughout the United States, including Portland, Ore., Los Angeles, Minneapolis, Milwaukee, St. Louis and Cincinnati.

U.S. Bancorp (NYSE:USB), with $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.

    CONTACT: U.S. Bank
             Jennifer Wendt, 612-303-0731

    SOURCE: U.S. Bank
"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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