MINNEAPOLIS, Sep 14, 2010 (BUSINESS WIRE) --
U.S. Bancorp (NYSE: USB) announced today that U.S. Bank National
Association has received an "Outstanding" rating, the highest rating
possible, in its most recent Community Reinvestment Act (CRA)
examination by the Office of the Comptroller of the Currency (OCC).
"The U.S. Bank team is extremely pleased that the OCC has again
recognized our ongoing commitment to our communities," said Richard
Davis, president, chairman and chief executive officer of U.S. Bancorp,
the parent company of U.S. Bank. "We are very proud of the contributions
we make in our communities to help them thrive and grow. U.S. Bank is
dedicated to meeting the needs of the communities that our customers and
employees call home by providing affordable loans, investing in projects
that revitalize neighborhoods, and volunteering our talents to help
mobilize efforts. "
U.S. Bank earned an overall rating of "Outstanding" for the CRA
examination covering January 1, 2006 through December 31, 2008, as well
as ratings of "Outstanding" for each of the three performance tests -
lending, investments and services. This is in recognition of U.S. Bank's
continued strength in the lending and investment areas as well as its
strong commitment to providing quality services in its low- and
CRA was enacted in 1977 to encourage banks and thrifts to help meet the
credit needs of all segments of their communities including low- and
moderate-income neighborhoods. CRA and its implementing regulations
require federal financial institution regulators to assess the record of
each bank and thrift in helping to fulfill their obligations to the
community and to consider that record while evaluating applications for
charters or for approval of bank mergers, acquisitions and branch
The OCC reported in the public evaluation that U.S. Bank earned an
"Outstanding" in the lending category by demonstrating success in
lending to borrowers of all income levels throughout the bank's
geographic footprint, as well as an excellent distribution of small
business loans. The OCC also noted "an excellent level of Community
Development Lending that had a significantly positive impact on the
The OCC noted that U.S. Bank earned "Outstanding" in the investment test
by demonstrating "excellent responsiveness to the identified investment
needs of its communities, particularly through investment vehicles that
promote affordable housing for low- and moderate-income individuals."
The bank reports it is the largest single source of New Market Tax
Credit investment activity in the nation and during 2008 was the third
largest bank investor in the Low-Income Housing Tax Credit program.
In the service test, which measures the accessibility to banking
services throughout the communities U.S. Bank serves, the OCC stated
that U.S. Bank earned "outstanding" through its "significant commitment
to providing financial services training to first-time homebuyers and
youth." They also recognized the bank's "ongoing relationships with
organizations that work on affordable housing and other necessary
community development goals."
U.S. Bancorp (NYSE: USB), 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, and 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
Steve Dale, Media Relations, 612-303-0784
Amy Frantti, Media Relations, 612-303-0733