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U.S. Bank Opens Office in Charlotte for Its National Corporate Banking and High Grade Fixed Income Businesses
CHARLOTTE, N.C., Jun 08, 2009 (BUSINESS WIRE) -- U.S. Bank is increasing its presence in the Southeast by establishing a new Charlotte office which will become home to two key businesses, including its national corporate banking group for the Southeast region and its newly established high grade fixed income team. U.S. Bank expects to hire approximately 30 employees to staff this office by the end of 2009.

Dee O'Dell will lead U.S. Bank's Southeast national corporate banking team, focusing on building deeper relationships with large corporate clients that have more than $250 million in sales across a 14-state territory of the Southeast. O'Dell spent 18 years with Wachovia in various roles within its corporate and investment bank, including managing groups in Atlanta and Chicago. For the past seven years he served as a managing director in Wachovia's consumer and retail investment banking division. O'Dell is a graduate of Hampden-Sydney College, has an MBA from the Kenan-Flagler Business School at UNC- Chapel Hill, and is a CFA Charterholder.

Jim Kelligrew will lead U.S. Bank's newly created high grade fixed income group which will be headquartered in Charlotte, and he will also be responsible for managing employees in several major cities across the country. Kelligrew has more than 20 years experience in the fixed income securities markets, having worked for Lehman Brothers, Bank of America and Wachovia. During his times at both Bank of America Securities and Wachovia Securities, Jim built profitable, client-focused high grade debt businesses where he had responsibility for a number of investment grade products. He received a bachelor's degree in economics and sociology from the University of Michigan and currently serves on the board of Dore Academy in Charlotte.

"We are committed to growing our talent base in Charlotte, and we see this as a great place to locate these important new teams. Our increased focus on client coverage in the Southeast will help U.S. Bank better serve our clients across this dynamic part of the country," said Dick Payne, vice chairman of corporate banking at U.S. Bank. "The high grade fixed income business is a natural extension of the many customer relationships we have with large, well-capitalized investment grade borrowers across the country, and we look forward to building deeper relationships with these customers through this new business."

U.S. Bank is currently in the process of identifying permanent office space for its new office in Charlotte, and expects to be completed with that process by the end of the summer.

Kelligrew and O'Dell join U.S. Bank's 100 corporate and institutional trust employees already located in Charlotte.

U.S. Bancorp (NYSE:USB), with $264 billion in assets, is the parent company of U.S. Bank, 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 usbank.com.

SOURCE: U.S. Bank

U.S. Bank Media Relations
Jennifer Wendt, 612-303-0731
jennifer.wendt@usbank.com

"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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