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U.S. Bank Ranks First in Ponemon Institute Study of Most Trusted Retail Banks for 2008
MINNEAPOLIS, Jun 17, 2008 (BUSINESS WIRE) -- U.S. Bank has, for the third year in a row, ranked first in the nation in the 2008 Privacy Trust Study for Retail Banking conducted by the Ponemon Institute. The study measures consumer perceptions of trustworthiness in retail banking by examining how issues related to consumer privacy and data security - and the ways in which retail banking institutions address those issues - translates to consumer opinion.

New to this year's study, now in its seventh year, is the apparent correlation between a positive perception of a bank's respect for consumer privacy and a greater rate of customer retention. The Ponemon Institute found the average length of a customer relationship among the five banks rated highest for privacy to be 7.68 years, or a 13 percent extrapolated churn rate. Among the five lowest rated banks the average relationship length was 4.6 years, or a 22 percent churn rate.

While U.S. Bank received the highest trust score recorded since the inception of the survey in 2003, the overall industry average privacy trust scores declined slightly in 2008 compared to 2007 owing in part to significant declines among banks suffering a major data breach event.

"Safeguarding customer information is an important priority at U.S. Bank. The results of the 2008 Ponemon Most Trusted Retail Banking Study reflects the ongoing commitment made by our U.S. Bank employees every day. We are, once again, very pleased to have earned high marks from our customers who trust in us to protect their privacy," said Dan Burks, chief privacy officer at U.S. Bank.

"An investment in respect for customer privacy is one that pays dividends both in positive brand perception and, we now know, in a more profitable customer relationship," said Dr. Larry Ponemon, chairman and founder, Ponemon Institute. "U.S. Bank recognizes the inherent value in a strong privacy program, and for the third straight year has earned the top spot on our annual Privacy Trust Study for retail banking. The Ponemon Institute congratulates them on this achievement."

The 2008 Privacy Trust Study for Retail Banking was conducted in June 2008 and derived from a final sample of 6,404 surveys returned from adult consumers in the United States.

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


U.S. Bank
Steve Dale, 612-303-0784
Teri Charest, 612-303-0732

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