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Eric Thole Named Chief Executive Officer and President of U.S. Bancorp Asset Management, Inc.

MINNEAPOLIS--(BUSINESS WIRE)--Jun. 25, 2014-- U.S. Bancorp Asset Management, Inc. is pleased to announce that Eric Thole has been named the firm’s chief executive officer and president, effective June 30, 2014. Thole will succeed Joseph Ulrey, who is retiring from U.S. Bank after 34 years of service.

Thole has been serving as chief operating officer of U.S. Bancorp Asset Management, Inc. and vice president of First American Funds. He has spent more than 17 years with the firm, working in positions of increasing responsibility.

Thole earned a bachelor’s degree in finance with a minor in communications from the University of Minnesota Duluth. He is active in his local community promoting youth involvement in athletics.

“Eric’s background and leadership make him ideally suited for this expanded role,” said Andrew Cecere, vice chairman and chief financial officer of U.S. Bancorp. “We all wish Joe the very best in his retirement, and thank him for his 34 years of service.”

Minneapolis-based U.S. Bancorp Asset Management, Inc. serves as investment advisor to the First American Funds. A subsidiary of U.S. Bank National Association, U.S. Bancorp Asset Management focuses on providing investment management services to institutional clients, including corporations, public entities and nonprofits. It has combined assets under management of more than $56 billion as of May 31, 2014. First American Funds are distributed by Quasar Distributors, LLC, an affiliate of the investment advisor.

Mutual fund investing involves risk; principal loss is possible.

Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. The prospectus contains this and other information; call 800.677.3863 or visit FirstAmericanFunds.com for a copy. Please read it carefully before investing.

Investment products are not obligations of, or guaranteed by, any bank, including U.S. Bank or any U.S. Bancorp affiliate, nor are they insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency. An investment in such products involves investment risk, including possible loss of principal.

U.S. Bank National Association is a separate entity and wholly owned subsidiary of U.S. Bancorp, the fifth-largest commercial bank in the United States, 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. Bancorp Asset Management, Inc.

U.S. Bancorp Asset Management, Inc.
Investor Services, 800-677-3863

"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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