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U.S. Bank to Acquire F.N.B. Corporation's Corporate Trust Administration Business

MINNEAPOLIS, Aug 19, 2010 (BUSINESS WIRE) --

U.S. Bancorp (NYSE: USB) announced today that its lead bank, U.S. Bank N.A., has reached an agreement to acquire the bond and transfer agent business of First National Trust Company, a subsidiary of First National Bank of Pennsylvania.

"This acquisition exemplifies U.S. Bank's ongoing commitment to continued strategic business investments," said Bryan Calder, president of U.S. Bank Corporate Trust Services. "The acquisition complements the existing U.S. Bank corporate trust business and will strengthen our competitive position as a leading national trustee for new municipal issuances. It also increases market share and reflects U.S. Bank's standing as a leading corporate trust provider in the Western Pennsylvania market. Through our existing offices in Philadelphia and Pittsburgh, we are committed to providing our new customers with the same high level of quality services our current U.S. Bank corporate trust customers have come to expect. The U.S. Bank team will work with First National Trust Company to ensure a seamless transition for their customers."

F.N.B. Corporation made the decision to exit the corporate trust bond administration business as a result of the highly specialized nature of the business, and the growing costs of administration which have become prohibitive for regional trust companies.David Buckiso, senior vice president and managing executive for First National Trust Company stated, "Our partnership with U.S. Bank provides our clients the commitment of a leading provider of municipal bond services. First National Trust Company will continue to focus and maintain our commitment to its more traditional trust, investment management and qualified plan services."

Upon completion of this transaction, U.S. Bank's corporate trust division will have $2.9 trillion in assets under administration, nearly 604,687 bondholders and more than 112,797 client issuances. This acquisition reflects U.S. Bank's ongoing commitment to the corporate trust industry and to remaining a leader in the area of tax-exempt debt and a top-tier provider in new corporate bond issuances and asset-backed and mortgage-backed securitizations.

Currently, U.S. Bank has 47 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank serves as trustee and paying agent for the issuance of taxable and non-taxable securities, including the review of documents and indentures, registration and authentication of bonds, receipts and disbursement of bond sale proceeds, successor trusteeships, escrow account services and transfer and paying agency services. Also, U.S. Bank provides mortgage-backed and asset-backed securitizations, money market paying agency services, bond and tax administration, escrow services, claims administration services and document custody services.

U.S. Bancorp, with $283 billion in assets as of June 30, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,002 banking offices in 24 states and 5,309 ATMs 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.

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 U.S. Bancorp's revenues and the values of its 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, U.S. Bancorp's business and financial performance is likely to be impacted by effects of recently enacted and future legislation and regulation. U.S. Bancorp's 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 its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in its 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, residual value risk, market risk, operational risk, interest rate risk and liquidity risk.

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, 2009, on file with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Corporate Risk Profile" contained in Exhibit 13, 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 U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

SOURCE: U.S. Bank

U.S. Bank
Steve Dale, Media Relations, 612-303-0784
or
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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