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U.S. Bank to Acquire Document Custodian Business from Ally Bank

MINNEAPOLIS--(BUSINESS WIRE)--Apr. 14, 2014-- U.S. Bancorp (NYSE: USB) announced today that its lead bank, U.S. Bank National Association, has entered into a definitive agreement to purchase the document custodian business of Ally Bank.

U.S. Bank, through its Global Corporate Trust Services division, currently operates a national network of document custody locations and vault sites. As a document custodian, U.S. Bank stores and safeguards a wide array of collateral loan files, including commercial and residential mortgages, equipment leases, home equity and improvement loans and vehicle loans and leases.

The acquisition of Ally’s document custodian business, which is expected to close early in the second quarter of 2014, will add up to 40 employees to U.S. Bank, one new service location in Waterloo, Iowa and increase documents under custody by 15 percent.

“This transaction is the most recent in a string of investments U.S. Bank has made in our growing corporate trust services business,” said Bryan Calder, president of U.S. Bank Global Corporate Trust Services. “This acquisition provides us with an additional growth opportunity and is consistent with our position as a leading provider of third-party custodian services nationwide.”

U.S. Bank has a long history and strong presence in Iowa. The bank operates 99 branches in the state today and employs more than 1,250 people across multiple business lines.

“We are happy to have this opportunity to retain jobs in the Waterloo area and show our continued dedication to the community and to helping support the local job market,” said Dan Watters, community banking division head for U.S. Bank in Iowa.

About U.S. Bank Global Corporate Trust Services

U.S. Bank Global Corporate Trust Services is one of the premier providers of corporate trust services in the nation, serving private and public companies, government and tax-exempt entities, and financial services companies. The group operates a network of 49 domestic offices and three international locations in Buenos Aires, Argentina; London, England; and Dublin, Ireland.

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 National Association, 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.

Source: U.S. Bank

U.S. Bank Public Relations
Teri Charest, 612-303-0732
teri.charest@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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