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Ascent Private Capital Management of U.S. Bank Wins Two 2014 Private Asset Management Awards

Best Private Wealth Manager – Client Service – over $5 billion

Private Client Investment Platform – Client Service

MINNEAPOLIS--(BUSINESS WIRE)--Mar. 4, 2014-- U.S. Bank Wealth Management, ranked among the top 20 U.S. wealth managers,* announced today that Ascent Private Capital Management of U.S. Bank ("Ascent") has been named "Best Private Wealth Manager – Client Service – over $5 billion” by Private Asset Management (PAM) Magazine, the industry publication that exclusively covers the wealth management and family office industry. Ascent was presented with this award, along with the award for “Private Client Investment Platform – Client Service,” at the 2014 PAM Awards in New York City on February 24. Last year, Ascent was named “Best Newcomer – Private Wealth Management” at the 2013 PAM Awards after completing its first full year of operation in 2012.

Ascent was launched in late 2011 to focus on serving the needs of clients with $50 million or more in net worth at U.S. Bank, which has been supporting clients in their stewardship of wealth for more than 150 years.

Ascent President Michael Cole commented, "We are delighted that PAM has recognized Ascent for our excellence and innovation in both client service and the investment platform that we offer clients. This honor underlines the dedication we have to delivering the highest level of products and services to our clients while also helping them manage the impact of their wealth.”

Mark Jordahl, president of U.S. Bank Wealth Management, said: “We are committed to meeting the unique needs of our clients, whatever they may be. Ascent’s PAM awards this year are a significant industry acknowledgement that Ascent is serving clients of great wealth with outstanding client service and investment products.”

Ascent was also short-listed in four other award categories in the 2014 PAM Awards, including 1) Best Private Wealth Manager – over $5 billion, 2) Best Multi-Family Office – Client Service – over $2.5 billion, 3) Best Multi-Family Office – Overall – over $2.5 billion, and 4) “Best Multi-Family Office Service Provider.”

The PAM Awards, organized by PAM Magazine, are designed for investment professionals and wealth advisors operating within the private asset management industry. The majority of firms apply to be nominated for the PAM Awards. Nominees on the short list are leaders who have demonstrated consistent financial progress, year-over-year growth, excellence in client satisfaction, and innovative new services. The judging process, using a panel made-up of industry experts, is based on a mixture of qualitative and quantitative performance indicators including; financial progress and performance track-record, growth in client numbers, hires and geography, client satisfaction, and product innovation.

About Ascent Private Capital Management of U.S. Bank
Ascent Private Capital Management of U.S. Bank provides wealth management services to individuals and families of significant resources who aspire to make a positive and lasting impact on their communities and the world. Ascent serves its clients through an innovative and highly personalized client service model that integrates traditional tactical wealth management services (financial planning, investment management, private banking, personal trust and estate administration, information management and financial administration) with strategic wealth impact planning services that address family dynamics, family governance and risk management, education and preparation of heirs, leadership, communication and philanthropy. Visit Ascent at http://ascent.usbank.com.

About U.S. Bank Wealth Management
U.S. Bank Wealth Management offers comprehensive wealth management services, including investment management, private banking, personal trust and estate administration, wealth planning, and family dynamics and governance for individuals, families, and their foundations. Ascent Private Capital Management (ascent.usbank.com) serves ultra-high-net-worth clients with $50 million or more in net worth; The Private Client Reserve (reserve.usbank.com) serves high-net-worth clients with more than $1 million of investable assets; and The Private Client Group serves affluent clients with more than $100,000 of investable assets.

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 fifth-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, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S. Bank and subject to normal credit approval.

Investment products are:

             
Not a Deposit     Not FDIC Insured     Not Guaranteed by the Bank
May Lose Value     Not Insured by Any Federal Government Agency
   

U.S. Bank and its representatives do not provide tax or legal advice. Each individual’s tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.

* Barron’s "Top 40 Wealth Managers,” Sept. 16, 2013, ranked by client assets in accounts of $5 million or more as of June 30, 2013

Source: U.S. Bank

Cheryl Stone, APR
U.S. Bank Wealth Management
(612) 303-5657

"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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