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Kurt Adams Named to Head U.S. Bank Corporate Payment Systems, Succeeds Robert Abele Who Retires after 20 Years

MINNEAPOLIS, Jun 09, 2011 (BUSINESS WIRE) --

Kurt Adams has been named head of U.S. Bank Corporate Payment Systems (CPS), succeeding Robert Abele who is retiring on June 30 after 20 years with the company.

U.S. Bank Corporate Payment Systems issues corporate, government, purchasing, fleet and aviation cards, as well as business-to-business payment products which in total comprised more than $44 billion in processed annual sales volume in 2010. The organization, consisting of more than 600 staff members in the United States, Canada and Europe, posted annualized revenue growth of nine percent and annualized volume growth of close to 12 percent over the course of Abele's tenure.

"Rob has done a tremendous job leading the growth, expansion and financial performance of our corporate payments business," said Pam Joseph, U.S. Bank vice chair for Payment Services. "He is loved by customers and employees, and respected by our competitors. His contributions to the industry are sincerely appreciated and will be missed. I wish him the absolute best in his forthcoming retirement years."

Adams, who was head of strategy and program management for CPS, oversaw corporate strategy, product strategy and program management for programs such as Travel & Entertainment, Payables, Fuel, and Transportation. In addition, Adams led the strategic planning process and merger & acquisition activity for the business.

Previously, Adams was head of European strategy and planning for the bank's Elavon Merchant Services division, based in Dublin, Ireland. During his tenure, he directed U.S. Bank's successful acquisition of Citibank's European merchant acquiring business.

"I am honored and excited to accept this position at a time of tremendous opportunity for the business," Adams said. "Under Rob Abele's leadership, U.S. Bank Corporate Payments Systems has been growing steadily, and I believe we are poised to take that growth to the next level. I look forward to working with my colleagues in CPS and across the bank to make that happen."

Adams joined U.S. Bank in 2005. Prior to that he spent five years as vice president of Piper Jaffray's investment banking group in Minneapolis, where he managed financial technology and services-related mergers and acquisitions, public offerings and the private placement of equity and debt securities. Adams holds a bachelor's degree from Arizona State University and an M.B.A from Notre Dame.

"The time has come to pursue some personal goals, things that I've always set aside for 'someday,'" Abele said of leaving after 12 years of managing the bank's commercial and government payment products and services. "This decision has not been an easy one. However, I feel confident turning over the leadership reigns to Kurt Adams. Kurt understands the business extremely well and has a demonstrated record of getting results. I know he relishes the challenge of continuing to grow our business and serve our customers."

U.S. Bancorp (NYSE: USB), with $311 billion in assets as of March 31, 2011, is the parent company of U.S. Bank, 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. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6755100&lang=en

SOURCE: U.S. Bank

U.S. Bank
Teri Charest, Media Relations, 612-303-0732
teri.charest@usbank.com
"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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