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U.S. Bank Makes $75,000 Investment to Grow Manufacturing in Northern California

REDDING, Calif. & CHICO, Calif.--(BUSINESS WIRE)--Aug. 28, 2012-- U.S. Bank has made a 3-year, $75,000 commitment to Innovate North State, a regional organization formed in April 2012 to gather leaders in Northern California around the goal of growing the manufacturing sector in the area. The commitment makes U.S. Bank a Founders’ Circle Investor in Innovate North State.

“U.S. Bank is committed to the manufacturing industry and the businesses that support it,” said Evelyn Jacobs, regional president for U.S. Bank in Northern California. “The economic turnaround depends on business success and job creation, which is what an investment in growing the manufacturing industry will bring to our region.”

As part of its investment, U.S. Bank will be the title sponsor of the inaugural Manufacturing RePatriation Summit in the first quarter of 2013, and will be an “industry champion” of the manufacturing and consumer products special industry group at Innovate North State.

“It is a tremendous honor to have one of the premier banking institutions in the United States come on board as a Founders Circle Investor and make such a meaningful, multi-year commitment,” said Bob Linscheid, managing director of Innovate North State, and current Chair of the 23-campus California State University Board of Trustees.

Robert Staton, district manager at U.S. Bank, will serve on the board of directors for Innovate North State. Valerie Lee, business relationship manager at U.S. Bank, will serve as Staton’s alternate on the board.

“It is exciting to be a part of the acceleration of innovation and growth within our region,” said Staton. “Our communities are impacted by manufacturing, technology, and growth happening throughout the nation and this is an opportunity to localize this growth and leverage the amazing resources, innovators, and entrepreneurs of our communities.”

“We are very pleased to invest our capital, expertise, time and energy, and our extensive banking network throughout the North State towards a very worthwhile goal – to bring back more manufacturing jobs here and help grow our regional economy,” Lee said. “We wholeheartedly believe in a vision where the North State can be the most economically-competitive non-metropolitan region in the U.S. in five years and want to be a part of that effort.”

The Manufacturing RePatriation Summit will explore the many opportunities associated with “in-sourcing” manufacturing in today’s economic environment, as well as showcasing the manufacturing excellence found throughout California, particularly in the North State.

“Our vision for the summit is to secure participation from at least 10 major American-based companies with a global manufacturing presence and have them consider bringing home to California, and especially the North State, at least one component of their overall manufacturing,” said Jon Gregory, managing director at Innovate North State. “We will facilitate this process by orchestrating one-on-one meetings with owners or key executives of the Summit’s featured small business manufacturers with key representatives on hand from the major corporations – with a goal of getting real deals done.”

Established in April 2012, Innovate North State was created to assist the region’s most innovative companies who have the largest growth potential garner a larger share of their national and global markets resulting in a more vibrant regional economy. It focuses on five key industry sectors:

  • sustainable agriculture and food,
  • manufacturing and consumer products,
  • clean tech and environmental,
  • web, mobile and IT,
  • healthcare and medical technology.

With the mantra of “connecting to compete,” Innovate North State’s strategy involves helping innovative companies connect with each other and also to vital resources located outside the region, making the North State the most economically competitive non-metropolitan region in the United States by 2017.

U.S. Bank has 51 branches throughout the non-metropolitan regions of Northern California, and 668 statewide. U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 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.

Source: U.S. Bank

U.S. Bank
Teri Charest, 612-303-0732
Innovate North State
Jon Gregory, 530-892-1707
Bob Linscheid, 530-892-1707

"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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