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U.S. Bancorp Completes Acquisition of Mellon 1st Business Bank

MINNEAPOLIS & LOS ANGELES--(BUSINESS WIRE)--June 2, 2008--U.S. Bancorp (NYSE:USB) today announced that its lead bank, U.S. Bank National Association, has completed the previously announced acquisition of Mellon 1st Business Bank in California. Mellon 1st Business Bank was a wholly-owned subsidiary of The Bank of New York Mellon Corporation (NYSE: BK). As a result of this transaction, U.S. Bank acquired $2.9 billion in assets, $1.1 billion in loans and $2.7 billion in deposits. Terms of the cash transaction agreement were not disclosed.

"We welcome our new customers to U.S. Bank, and know that they will appreciate the expanded convenience and product suite that U.S. Bank has to offer in southern California. We are also happy to add many talented employees from the former Mellon 1st Business Bank, who are welcome additions to U.S. Bank's southern California team," said Joseph Otting, U.S. Bancorp vice chairman in charge of commercial banking. "This acquisition complements U.S. Bank's current middle market lending efforts in southern California and more than doubles our deposit share in the Los Angeles market."

U.S. Bank has 336 locations in California, including 139 branches in the southern California counties of Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura. U.S. Bank has 820 branches and $30 billion in deposits in the western states of California, Oregon, Washington, Arizona and Nevada. U.S. Bank is a leading bank in Oregon and Washington and has shown tremendous growth in California in the last five years, nearly doubling its number of branches and increasing deposits by more than 44 percent. Also, U.S. Bank has grown in Arizona from only five branches five years ago to nearly 60 today.

U.S. Bancorp, with $242 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,522 banking offices and 4,844 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. Bancorp
Steve Dale (media), 612-303-0784
Judith 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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