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U.S. Bank Acquires TransCard's Heavy Truck Fuel Card Network, Launches New Solution for Class 7 & 8 Fleets

MINNEAPOLIS & CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Jul. 24, 2012-- U.S. Bank, a leading provider of fuel card services for Class 1-6 cars and light trucks, is entering the large commercial truck market with the acquisition of TransCard’s Class 7-8 fuel card network, including the product technology and its nationwide acceptance network. The platform was developed by TransCard in partnership with U.S. Xpress, the nation’s second-largest privately owned truckload carrier, which will become the premier client of the new dual-function U.S. Bank Over The Road Card program, scheduled to launch in September.

With one of the largest over-the-road acceptance networks in United States, the U.S. Bank Over The Road Card’s fleet functionality can be used for any company-authorized expense, including fuel, maintenance and tolls at thousands of locations. To provide greater convenience and accessibility for drivers, the card also features a “dual wallet,” combining the charge functionality with a MasterCard prepaid account.

The MasterCard prepaid account allows direct deposit of payroll or other funds onto the card, which can be used wherever Debit MasterCard is accepted. This will make it one of the only OTR solutions that combines MasterCard-branded prepaid functionality for personal purchases with fuel charging capability for corporate purchases -- all on the same card.

“This acquisition extends our suite of fuel and maintenance solutions and allows us to serve the full spectrum of fleet clients, from cars to heavy duty trucks,” said Kurt Adams, President of U.S. Bank Corporate Payment Systems. “The U.S. Bank Over The Road Card’s unique, real-time spend controls and fraud prevention allow companies to manage their card programs for maximum efficiency and lowest cost. Our entire team is eager to share this superior payment solution with new and existing customers.”

The U.S. Bank Over The Road Card is the only fuel card in the Class 7-8 market backed by one of the strongest, most stable banks in the United States, an institution that in the past two years has been lauded as “One of the World’s Safest Banks” (Global Finance) and “Most Admired Superregional Bank.” (Fortune).

“I believe U.S. Bank will provide an unparalleled solution for U.S. Xpress as well as the broader trucking industry, combining the strength of one of the nation’s soundest financial institutions with an innovative technology platform,” said Craig Fuller, CEO of TransCard. “TransCard is excited to participate in this offering which will reinforce our position as the leading provider of prepaid services to financial institutions of all sizes.”

About U.S. Bank
Minneapolis-based U.S. Bancorp (“USB”), with $341 billion in assets as of March 31, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,061 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 usbank.com.

About TransCard
Chattanooga-based TransCard is the leading provider of prepaid products to financial institutions of all sizes. The company’s platform enable financial institutions of all sizes that wish to grow deposits and fee income, deepen their treasury relationships and expand product offerings to the underserved. Financial institutions interested in offering prepaid programs should visit www.transcard.com

About U.S. Xpress Enterprises
Founded in 1985, U.S. Xpress Enterprises is the nation’s second largest privately owned truckload carrier, providing a wide variety of transportation solutions throughout North America. We are committed to being at the forefront of safety compliance, using comprehensive training for our staff and drivers and ensuring our trucks feature the latest safety innovations. With a dedication to minimizing our impact on the environment, U.S. Xpress is a SmartWay Transport Partner and was honored with a 2009 SmartWay Environmental Excellence Award.. For more information, please visit www.usxpress.com.

About MasterCard
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.

Source: U.S. Bancorp

Nicole Sprenger, U.S. Bank Media Relations
(612) 303-0731, nicole.sprenger@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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