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Michael Ott Appointed Central Region President for the Private Client Reserve of U.S. Bank

MINNEAPOLIS, Jul 21, 2011 (BUSINESS WIRE) --

U.S. Bank, a leading provider of wealth management and private banking services, announced today that Michael Ott has been appointed central region president for The Private Client Reserve of U.S. Bank. He will retain his current role as Twin Cities market leader of The Private Client Reserve.

"Mike's experience in the wealth and investment management business, his military background as a lieutenant colonel in the U.S. Air Force Reserves and his experience in the Midwest make him particularly suited for this role," said Michael Boardman, president of The Private Client Reserve. "Since joining U.S. Bank, Mike has demonstrated great leadership in his roles within The Private Client Reserve."

In his new role, Ott will be instrumental in helping to continue to drive growth across The Private Client Reserve's central region, which includes Minneapolis/St. Paul, Chicago, Milwaukee and Madison and represents more than $15 billion in assets under management. He will lead a team of more than 300 investment, trust, private banking, advisory and financial planning professionals, responsible for serving clients across a broad geography. In this capacity, Ott will be working with market leaders in fortifying the client experience and fostering growth initiatives throughout U.S. Bank's wealth management platform.

Ott joined U.S. Bank in 2009 as head of investments in the Twin Cities and later became Twin Cities market leader of The Private Client Reserve. In this role, he has led teams of experienced professionals across all disciplines of wealth management and has been directly responsible for overseeing portfolio managers and the investment process. Prior to joining U.S. Bank, Ott served as managing partner at Somerset Asset Management LLC in Minneapolis. Prior to that, he worked at Piper Jaffray & Co., initially in institutional equity sales and eventually as managing director and head of the equity research department. He has also worked for the ABN/AMRO/Chicago Corporation and Ford Motor Company after serving as an officer in the U.S. Air Force. Ott has an MBA from Boston College and is a graduate of the U.S. Air Force Academy in Colorado Springs. He has also earned FINRA series 7, 24, 63 and 87 licenses. He is currently a lieutenant colonel in the U.S. Air Force Reserves, where he serves as a military advisor for an undersecretary of Defense in the Pentagon.

About The Private Client Reserve of U.S. Bank

The Private Client Reserve of U.S. Bank is a provider of comprehensive wealth management solutions for high-net-worth individuals, families and foundations with investable assets of more than $1 million. Highly experienced wealth management advisors lead client-focused teams that deliver forward-thinking, customized strategies including investment management, private banking, personal trust and estate administration, financial planning and insurance services designed for each client's unique goals and needs. The Private Client Reserve is a part of U.S. Bank's Wealth Management Group that serves clients with $100,000 to more than $100 million in investable assets. For more information, visit www.privateclientreserve.usbank.com.

About U.S. Bank

U.S. Bancorp (NYSE: USB), with $321 billion in assets as of June 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,086 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.

Investment products and services are available through U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser, a brokerage subsidiary of U.S. Bancorp and an affiliate of U.S. Bank. Insurance products, including annuities, are available through U.S. Bancorp Insurance Services, LLC, U.S. Bancorp Investments, Inc., in Montana U.S. Bancorp Insurance Services of Montana, Inc., and in Wyoming U.S. Bancorp Insurance & Investments, Inc. All are licensed insurance agencies and subsidiaries of U.S. Bancorp. Policies are underwritten by unaffiliated insurance companies and may not be available in all states.

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
Amy Frantti, U.S. Bank 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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