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New U.S. Bank Pact with Purchasing Co-Op Promises Savings for Cities, States, Public Education

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 4, 2014-- A new agreement between U.S. Bank and WSCA-NASPO, the cooperative purchasing arm of the National Association of State Procurement Officials, offers states, cities and public educational entities across the United States streamlined access to more U.S. Bank commercial card programs at preferred prices. The contract extends the bank’s current partnership with WSCA-NASPO for up to seven more years and expands it to include U.S. Bank Fleet Card in addition to the Purchasing, Travel and One Card options available under the previous contract.

“U.S. Bank has consistently demonstrated an ability to provide outstanding service to our members,” said WSCA-NASPO Chief Executive Officer Douglas Richins. “Through a competitive procurement process, they have earned the right to expand their offering to include Fleet Card as well as Purchasing, Travel and One Card for the new contract. We are confident they will continue to provide our members with world-class programs that drive efficiencies and help them to properly manage their budgets.”

Using card programs for procurement, travel and fueling helps public agencies better manage their purchasing processes. They can issue one payment per month to cover all purchases on each card type, instead of processing multiple purchase orders and payments. Transactions can be monitored online almost immediately, rather than waiting for end-of-month invoices. Using U.S. Bank’s Voyager network, fuel purchases can be controlled through state-of-the-art fleet card technology.

Suppliers, too, benefit from card-based purchasing by receiving immediate payment. With more traditional transaction methods, public agencies typically make a payment 30 days after a purchase.

“We are pleased to have earned this opportunity to renew and expand our offerings to public- sector entities through WSCA-NASPO,” said Richard Raffetto, head of Public Sector and Financial Institutions for U.S. Bank's Wholesale Banking Division. “We are eager to put our payment expertise to work helping public-sector organizations and educational institutions operate more efficiently and improve stewardship of their financial resources.”

To learn more, call 866-274-5898 or email intouchwithus@usbank.com.

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $364 billion in assets as of Dec. 31, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,081 banking offices in 25 states and 4,906 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 www.usbank.com.

WSCA-NASPO is a national purchasing cooperative that leverages the collective demand of public and educational entities to procure goods and services. It follows a “lead state” operating model, in which one state in collaboration with other states negotiates and manages a contract through which other entities get access to exclusive products and pricing. The state of California administered the 2006 contract with U.S. Bank, which covered purchasing cards and one cards (cards used for travel as well as purchasing goods and services). The state of Washington is administering the 2013 contracts, which adds the fleet fueling cards option.

Source: U.S. Bank

Nicole Garrison-Sprenger, U.S. Bank
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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