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Chicago Public Schools Utilize U.S. Bank to Streamline Its Banking Services for More Financial and Administrative Efficiencies

Approximately 600 Chicago Public Schools Consolidate Accounts from 70 Different Banks to U.S. Bank

CHICAGO--(BUSINESS WIRE)--Feb. 21, 2008--Chicago Public Schools (CPS), one of the largest school districts in the United States, announced that it has completed consolidation of banking services for its 600 plus schools previously provided by more than 70 separate financial institutions to U.S. Bank, a nationwide leader in banking services.

Chicago Public Schools are utilizing a customized account structure called SinglePoint, U.S. Bank's state-of-the-art, Internet-based treasury management system, giving them maximum interest earnings on their accounts while minimizing the time school administrators spent on financial management tasks.

Daniel H. Reisner, president of U.S. Bank's Chicago region, said, "U.S. Bank is proud to partner with Chicago Public Schools for greater efficiency and ease of use in their everyday banking requirements. By eliminating extra steps in their banking process, dedicated school officials will be able to spend more time on the job they care about the most, educating Chicago's children."

CPS initially began moving banking accounts from various financial institutions in the City of Chicago in mid-November 2006 onto U.S. Bank's SinglePoint platform and will complete its rollout in February 2008. The web-based system gives each of the 600+ schools greater insight into managing its deposit and expense record keeping while eliminating paperwork to CPS' central office. According to CPS Treasurer, David Bryant, the program will provide a time-saving benefit by more efficiently collecting school deposits while helping CPS gain a better interest rate on available funds.

Reisner said, "Every day we stand by our guarantee to help individuals, institutions and companies, both large and small, to make the most of their money, while providing a strong customer service focus and technological innovation. We are committed to Chicago's schools."

The CPS Program was developed by U.S. Bank's Government Banking Division, which brings more than a century of experience providing specialized financial services to over 6,000 public funds clients across the country. U.S. Bank SinglePoint was launched in 2005, after a pilot with hundreds of U.S. Bank business customers throughout the country, to integrate the bank's powerful banking services into a secure, easy-to-use web site. By accessing the bank's complete suite of treasury management services from a single point, customers are better able to manage their financial position by monitoring account activity, retrieving information, creating reports and viewing images. The site also contains system administration capabilities including audit and control of employee access, as well as history reporting to assist in fraud detection.

U.S. Bancorp, with $238 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,518 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. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank Media Relations
Lisa H. Clark, 608-877-7517


"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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