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Elavon Secures Three Year Extension for KeyCorp Joint Venture

ATLANTA--(BUSINESS WIRE)--Aug. 18, 2009-- Elavon, a leading global card acquirer, has extended its joint venture agreement with Cleveland-based KeyCorp (NYSE: KEY) for KeyBank’s merchant referral business. KeyBank markets Elavon’s merchant processing services to business customers through 21 geographic districts spanning across a 13-state network of almost 1,000 commercial office and retail branch locations. The agreement extends an over 10-year relationship between Elavon and KeyCorp.

“Elavon’s flexible and robust processing network is backed by industry-leading customer service, which translates into the best possible scenario for our clients,” said Carl Stauffeneger, senior vice president and head of KeyBank’s payments product group. “We continue to take notice of Elavon’s industry leadership, PCI compliance initiatives and strong performance, and are pleased to continue our mutually beneficial relationship.”

The extended agreement allows for KeyBank to continue offering white-labeled merchant services backed by a company solely dedicated to the payments industry. Elavon’s entire, robust solutions offerings are available to KeyBank merchants, from credit and debit processing to Dynamic Currency Conversion, Electronic Check, Gift Card, professional services and free online reporting.

An added benefit to KeyBank merchants is enrollment in Elavon’s PCI Compliance Program, a comprehensive approach to assisting merchants meet compliance requirements that includes education, validation, scanning services and financial protection of up to $100,000 in the event of a data breach.

Stuart Harvey, chief executive officer of Elavon, said his company appreciates the relationship it has had with KeyCorp for more than a decade. “KeyCorp is a strong leader in regional banking,” Harvey said. “Their commitment to providing exceptional value and innovation to customers has resulted in strong portfolio performance, and we look forward to continuing our relationship.”

About Elavon: Elavon’s Global Acquiring Solutions organization is a part of U.S. Bancorp (NYSE:USB). Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada and Puerto Rico. Solutions include credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring. Elavon’s services are marketed through multiple alliance partner channels including financial institutions, trade associations and ISOs. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector. Visit Elavon online at www.elavon.com.

About KeyCorp: Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $98 billion. BusinessWeek Magazine named Key the top bank in its Customer Service Champ 2009 edition, ranking Key 11th out of the top-25 companies that include many known for their customer service acumen. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. For more information, visit https://www.key.com/.

Source: Elavon

Elavon Media Relations
Holly Lytle, 404-606-0129
Teri Charest, 612-303-0732

"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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