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U.S. Bancorp Selected as Custodian and Fund Administrator for Seer Capital Partners Master Fund L.P.

MINNEAPOLIS--(BUSINESS WIRE)--May. 29, 2009-- U.S. Bancorp (NYSE: USB) announced today that Seer Capital Partners Master Fund L.P. selected U.S. Bank Corporate Trust Services as custodian and U.S. Bancorp Fund Services, LLC (USBFS) as fund administrator for its recently established master fund. Seer Capital Master Fund L.P. will purchase TALF-eligible asset-backed securities (ABS) and commercial mortgage-backed securities bonds (CMBS). U.S. Bancorp is the parent company of U.S. Bank and USBFS.

Seer Capital Master Fund L.P. is managed by Seer Capital Management L.P. (www.seercap.com), located in New York City. Seer Capital Management is an independent investment firm founded by Phillip Weingord, formerly head of Global Markets America with Deutsche Bank. Seer Capital Management specializes in securitized products within the fixed income market including ABS, residential mortgage-backed securities and CMBS.

“We chose U.S. Bank Corporate Trust Services as our business partner for custodial services and USBFS for our fund administration because of their knowledge, experience, flexibility and service,” said Chris Schoen, principal and portfolio manager, Seer Capital Management L.P. (formerly managing director at Credit Suisse). “U.S. Bancorp is a well established service provider within the securitization market and is a proven market leader.”

U.S. Bank Corporate Trust Services is one of the nation’s largest providers of corporate trust services, administering a diverse portfolio of approximately 666,944 bondholders and more than 121,000 client issues representing more than $2.1 trillion in outstanding municipal, corporate, asset-backed and international securities.

Headquartered in Milwaukee since 1969, U.S. Bancorp Fund Services, LLC currently provides services to more than 275 fund families, with over 1,600 portfolios and 1,800 fund classes and administers 4.4 million shareholder accounts with $475 billion in client assets. U.S. Bancorp Fund Services' clients include mutual funds, investment partnerships, hedge funds, separately managed accounts, fund-of-funds, and offshore funds.

U.S. Bancorp, with $264 billion in assets, the parent company of U.S. Bank, is the 6th largest commercial bank in the United States. The company operates 2,847 banking offices and 5,183 ATMs in 24 states, 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.

Source: U.S. Bancorp

U.S. Bancorp
Steve Dale, Media Relations, 612-303-0784

"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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