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U.S. Bancorp Community Development Corporation Promotes Zack Boyers to Chairman and CEO

ST. LOUIS--(BUSINESS WIRE)--Sept. 12, 2008--Zack Boyers has been named chairman and chief executive officer of St. Louis-based U.S. Bancorp Community Development Corporation (USBCDC). Boyers, who has 14 years of tax credit investment and banking experience, will be responsible for providing strategic direction and leadership to USBCDC's community development team and will lead more than 80 professionals at the company's Fashion Square office at 1307 Washington Avenue.

Terrance Dolan, executive vice president of U.S. Bancorp, made the announcement, saying, "Zack's dedication and commitment has helped USBCDC become one of the largest New Markets Tax Credit investors in the country. USBCDC has grown significantly over the past four years, from $1 billion to $5 billion in assets under the entire leadership team that we have in place and Zack has been a very important element of this growth."

Boyers said that he plans to continue USBCDC's commitment to being an agent of positive change in economically distressed areas across America. "One of the most satisfying results of our work with partners who are also dedicated to using private capital for social good has been seeing the constructive economic and social transformations that have taken place in communities because of the tax credit programs that USBCDC uses as its tools."

Since 1994, Boyers has held a number of positions at U.S. Bank. He started his banking career with Mark Twain Bank, which is now part of U. S. Bank, as a commercial lender. He later took a position as an affordable housing and historic tax credit specialist with the organization in 1998. Since 2003, he has served in a senior management role leading the Historic and New Markets Tax Credit Investments product division of the CDC and growing this product line into a market leader.

He holds a bachelor's degree from Harvard University and a master's degree from Washington University Olin Business School in St. Louis, Missouri, and serves on the Community Improvement District of the Downtown St. Louis Partnership. He has been awarded the "30 Under 30" and "40 Under 40" awards given to top performing business leaders in St. Louis. He and his family have plans to move to downtown St. Louis from their South City home this fall.

USBCDC has made over $2 billion of equity investments in New Markets Tax Credit and Historic Tax Credit transactions in more than 90 cities and towns throughout the nation. Some notable projects include: the Midtown Exchange in Minneapolis, MN (the redevelopment of an historic Sears building that includes a market, affordable and market-rate residential units, a DMV service center, and office space); Community Transitional School in Portland, OR (a non-profit school for children of families who are homeless and/or experiencing chronic poverty); and the Atlas Performing Arts Center in Washington, DC (the renovation of an Art Deco movie house into a community-based performing arts center).

With total assets of over $5 billion, U.S. Bancorp's Community Development Corporation (USBCDC) is a prominent investor in affordable housing developments, historical renovation projects, New Markets Tax Credit financing, and solar energy in the country. Besides St. Louis, it has offices in Los Angeles, Denver, Minneapolis, Kansas City and Washington D.C., and it is a subsidiary of U.S. Bancorp (NYSE: USB), with assets of $247 billion in assets. It is also a subsidiary of U.S. Bank, the sixth largest commercial bank in the United States, with 2,542 banking offices and 4,895 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
Lisa Clark, 608-877-7517

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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