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U.S. Bank Expands in Nevada Through Acquisition of Banking Operations from BB&T Corporation

MINNEAPOLIS & WINSTON-SALEM, N.C.--(BUSINESS WIRE)--Oct. 13, 2009-- U.S. Bancorp (NYSE: USB) and BB&T Corporation (NYSE: BBT) announced today the signing of a definitive agreement for U.S. Bank National Association, U.S. Bancorp’s lead bank, to purchase approximately $800 million in deposits and certain branch locations of BB&T’s Nevada banking operations. This acquisition includes the deposits of branches located in the Las Vegas-Paradise market, Reno-Sparks market and the Northern Nevada markets of Carson City, Fallon and Gardnerville Ranchos, that BB&T recently acquired from the Federal Deposit Insurance Corporation (FDIC) as receiver for Colonial Bank.

Rick Hartnack, vice chairman of consumer banking for U.S. Bancorp, commented, “This transaction will strengthen our geographic footprint in Nevada. This transaction is well-timed, as we have now completed the highly successful integration of Downey Savings & Loan, PFF Bank & Trust and the First Bank of Idaho branch locations, all recent FDIC-assisted transactions. As we continue to widen and enhance our distribution network in our Nevada markets, this purchase presents a great opportunity for us to deepen customer relationships by offering U.S. Bank’s extensive mix of products and services to our new customers, while providing the convenience of additional ATM and branch locations to both new and existing clients.”

Terms of the transaction were not disclosed. This acquisition is expected to meet or exceed U.S. Bancorp’s internal financial hurdles for internal rate of return and earnings per share accretion. This transaction is subject to regulatory approval and is anticipated to close in early 2010.

At June 30, Winston-Salem, N.C.-based BB&T Corporation had $152.4 billion in assets and was the nation's 11th largest financial holding company. Founded in 1872, BB&T operates more than 1,800 financial centers in 13 states and Washington, D.C. More information about the company is available at BBT.com.

U.S. Bancorp, 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 usbank.com.

Forward-Looking Statements

The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date made. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. Global and domestic economies could fail to recover from the recent economic downturn or could experience another severe contraction, which could adversely affect our revenues and the values of our assets and liabilities. Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Stress in the commercial real estate markets, as well as a delay or failure of recovery in the residential real estate markets, could cause additional credit losses and deterioration in asset values. In addition, our business and financial performance could be impacted as the financial industry restructures in the current environment, by increased regulation of financial institutions or other effects of recently enacted legislation, and by changes in the competitive landscape. Our results could also be adversely affected by continued deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of our loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in our investment securities portfolio; legal and regulatory developments; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, market risk, operational risk, legal risk, and regulatory and compliance risk. Finally, there can be no assurance that we will realize the anticipated benefits of the acquisition of the Nevada deposits of BB&T Corporation.

For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2008, on file with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Corporate Risk Profile,” and all subsequent filings with the Securities and Exchange Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.

Source: U.S. Bancorp

U.S. Bancorp
Steve Dale, Media, 612-303-0784
or
Jennifer Wendt, Media, 612-303-0731
or
Judith T. Murphy, Analysts, 612-303-0783

"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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