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U.S. Bank Announces "Ascent Private Capital Management"
New Brand for Wealth Management Business Serving Ultra High Net Worth Clients

MINNEAPOLIS, Apr 27, 2011 (BUSINESS WIRE) --

U.S. Bank announced today that its wealth management group will establish Ascent Private Capital Management as the go-to-market brand for its new ultra high net worth business unit. This new name will provide a unique brand identity to reinforce a differentiated service- delivery model being created for U.S. Bank's ultra high net worth clients. U.S. Bank has long been a provider of services to this segment. The launch of Ascent Private Capital Management will provide a new focus and expanded capabilities for ultra high net worth clients as U.S. Bank Wealth Management's business continues to grow. Ascent Private Capital Management will begin opening offices in select U.S. cities later this year.

Richard Davis, chairman, president and chief executive officer of U.S. Bancorp, said of the new brand launch: "U.S. Bank has made a significant investment in its wealth management businesses since 2008. With the launch of Ascent Private Capital Management, U.S. Bank is enhancing our ability to serve the needs of an important client segment while capitalizing on a terrific market opportunity."

Focus on Managing the Impact of Wealth

Ascent Private Capital Management will differentiate itself in the marketplace by helping ultra-wealthy clients focus on the impact of their wealth rather than simply on accumulating that wealth. Using highly differentiated services, Ascent Private Capital Management will work closely with clients to address a range of issues that will help them achieve their wealth-transfer goals and establish their legacies for this and future generations.

Ascent Private Capital Management is led by Michael Cole, president, who was the former head of Wells Fargo Family Wealth Group and Wealth Planning Center. For Cole, the focus on managing the impact of wealth is part of a growing trend from wealth accumulation to wealth impact. "Many ultra-wealthy individuals are riding the wave of global responsibility and proactively using their wealth to make a positive impact on the world," Cole said. "U.S. Bank will provide clients with the guidance and tools they need to help them positively impact the world and establish their legacy."

U.S. Bank Wealth Management President Mark Jordahl says that the focus on managing the impact of wealth is relevant and timely. "Ultra high net worth investors often realize how fortunate they've been and are now considering how they can make a substantial, positive impact with their wealth," he said. "They're applying investment and planning discipline to help them make a meaningful difference and measure success."

New Services for Ultra High Net Worth Clients Address Wealth-Transfer Challenges

The United States is currently in the midst of one of the largest wealth transfers in history - estimated to exceed $40 trillion that will transition from one generation to another by 2050.1 Nearly 65 percent of this wealth - $27 trillion - will come from ultra high net worth families, which represent the top 7 percent of estates by value. Among this group, there has traditionally been a 70 percent wealth-dissipation rate in wealth transfers to the third generation and beyond.2 This dissipation rate has typically been caused by a lack of communication among family members and inadequate preparation of the next generation, among other things. Ascent Private Capital Management will seek to differentiate itself by addressing these issues for ultra high net worth families.

Using a fully integrated service model, Ascent Private Capital Management will provide ultra high net worth clients with an innovative and personalized client-service model that combines traditional wealth-management offerings - financial planning; investment consulting; private banking; trust and estate administration services; information management; and financial administration and bill pay - with cutting-edge "wealth impact" services to help some of the country's wealthiest families with family governance and risk management; family dynamics; multi-generational wealth planning; leadership and communication assessment; strategic planning; education; and stewardship.

About the U.S. Bank Wealth Management Group

U.S. Bank's Wealth Management Group offers investment management services, brokerage, financial planning, private banking, personal trust, and insurance services to a broad range of clients. The Wealth Management Group serves ultra high net worth clients with more than $25 million in investable assets through Ascent Private Capital Management; high net worth clients with more than $1 million in investable assets through The Private Client Reserve; and affluent clients with more than $100,000 in investable assets through The Private Client Group. Brokerage services are offered through U.S. Bancorp Investments, Inc., and insurance services are offered through U.S. Bancorp Insurance, LLC.

About U.S. Bank

Minneapolis-based U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31, 2011, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,082 banking offices in 25 states and 5,238 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 usbank.com.

_________________

i

Boston College Center on Wealth and Philanthropy, 2003

ii

Roy Orville Williams and Vic Preisser, Preparing Heirs: Five Steps to a Successful Transition of FamilyWealth and Values, 2003.

Deposit products offered by U.S. Bank National Association. Member FDIC.

Investment and insurance products are:

Not a Deposit Not FDIC Insured Not Guaranteed by the Bank
May Lose Value Not Insured by Any Federal Government Agency

SOURCE: U.S. Bank

U.S. Bank Wealth Management
Cheryl Stone, Vice President, Public Relations, 612-303-5657
or
U.S. Bank Media Relations
Amy Frantti, 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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