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U.S. Bank Renews Acceptance of State of California Registered Warrants

MINNEAPOLIS--(BUSINESS WIRE)--Sep. 4, 2009-- U.S. Bank, N.A., will accept from current customers registered warrants or “IOUs” issued by the State of California starting Tuesday, Sept. 8, 2009 and ending at the close of business on Friday, Oct. 9, 2009. Interest due will be disbursed to the depository account within 30 days of the deposit.

“U.S. Bank is pleased that a budget resolution has been passed so that we can all focus on helping the state and our national economy get back on its feet and poised for growth in the months ahead,” said Joseph Otting, vice chairman of commercial banking at U.S. Bancorp who is based in Los Angeles.

The warrants will only be accepted for deposit (not for cash) into a U.S. Bank account and the account must have been opened before Aug. 31, 2009. Third-party registered warrants will not be eligible for acceptance. This accommodation for clients will not include correspondent banks, money service businesses or any client engaged in purchasing or consolidating registered warrants for deposit. U.S. Bank will direct anyone who cannot be helped at the branch to the State of California Treasurer’s Office for redemption assistance. The registered warrants must be presented at a U.S. Bank branch office and will not be accepted for deposit through an ATM. Warrants deposited prior to September will not be credited interest retroactively.

U.S. Bank has 559 offices throughout California and is the 4th largest bank in the state by number of branches. U.S. Bancorp (NYSE: USB), with $266 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,850 banking offices and 5,173 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. Bank

U.S. Bank
Steve Dale, 612-303-0784
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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