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U.S. Bank Wealth Management Group Announces Two New Leadership Positions


As part of a continued focus on expanding its wealth management organization, the U.S. Bank Wealth Management Group is creating two new leadership positions. Michael Cole, formerly with Wells Fargo, will join U.S. Bank as president of its ultra high net worth business. In addition, the bank is promoting Michael Boardman, currently Central region president for The Private Client Reserve at U.S. Bank, to president of that entire group. The Private Client Reserve supports the needs of high net worth clients.

In these new leadership positions, Cole and Boardman will report directly to Mark Jordahl, president of the U.S. Bank Wealth Management Group.

Terrance Dolan, who was recently named vice chairman and head of Wealth Management and Securities Services at U.S. Bank, stated, "The U.S. Bank Wealth Management Group has been serving high net worth and ultra high net worth clients for many years. Being able to fill these two very important leadership roles with highly qualified industry professionals will allow us to further enhance our focus and service delivery to these important market segments."

"Michael Cole brings great depth and experience to the U.S. Bank Wealth Management Group, and in particular, significant insight and expertise in serving ultra high net worth clients," said Jordahl. "Promoting Michael Boardman to lead The Private Client Reserve will allow us to ensure a continued clear focus on our high net worth clients as well. He is a seasoned executive who has worked with high net worth clients for his entire career."

Previously, Cole held senior wealth management positions at Wells Fargo and Merrill Lynch. Most recently he was executive vice president and national director of the Family Wealth Group and Wealth Planning Center at Wells Fargo. Cole earned a Bachelor of Arts degree from Emory University in Atlanta. He is also a Certified Financial Planner. Cole works at U.S. Bank's One California St. office in San Francisco. He resides in the San Francisco Bay area with his family.

Prior to joining U.S. Bank in 2008, Boardman held senior wealth management positions at U.S. Trust, Charles Schwab & Co., Inc. and JPMorgan Chase. Boardman earned a Bachelor of Arts degree from Middlebury College in Middlebury, Vermont, and an MBA from Columbia University in New York City. Boardman works at U.S. Bank's headquarters at 800 Nicollet Mall in downtown Minneapolis. He resides in the Minneapolis area with his family.

The ultra high net worth business provides comprehensive wealth management advice and strategies to individuals and families with $25 million or more in investable assets. The Private Client Reserve supports the wealth management needs of individuals and families with more than $1 million in investable assets.

The Wealth Management Group of U.S. Bancorp is comprised of the company's personal trust, private banking, and private asset management businesses, as well as the company's broker/dealer subsidiary, U.S. Bancorp Investments and Insurance, LLC.

U.S. Bancorp (NYSE: USB), with $282 billion in assets as of March 31, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,025 banking offices in 24 states and 5,312 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, and trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.

Note to editors: digital photos of Michael Cole and Michael Boardman are available; contact Amy Frantti.


U.S. Bank
Amy Frantti, Media Relations, 612-303-0733
"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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