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State of Washington Chooses U.S. Bank as Fiscal Agent on Bond Issuances

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 23, 2014-- U.S. Bank has been selected as the Fiscal Agent for the State of Washington. In this capacity, the U.S. Bank Global Corporate Trust Services division will oversee over 2,500 bond issuances by more than 250 bond issuing entities within the state including school districts, cities, water and sewer authorities, and counties.

U.S. Bank, one of the largest providers of trustee services in the nation, will maintain records of registered bondholders, make principal and interest payments to bondholders, and provide additional services to participating bond financing issuers. The addition of fiscal agent services complements an already strong relationship U.S. Bank has with the State of Washington, where it also currently provides other trust, general banking services and local government investment pool services.

“The scope of this transaction is significant and we are pleased that the State of Washington chose U.S. Bank as its fiscal agent,” said Bryan Calder, president of U.S. Bank Global Corporate Trust Services. “We are honored to have the trust and confidence of the state agencies we support and will continue to provide them with the remarkable customer service they deserve.”

“U.S. Bank’s bondkeeping and web-based reporting services, along with its local presence, will fully support business operations for local government issuers across the state,” said State Treasurer Jim Mcintire, Washington State. “As our future needs change, we are confident that U.S. Bank will continue to invest in the development and implementation of new technologies. On behalf of the State Finance Committee, I commend the advisory group for their work throughout the extensive selection process.”

The conversion of bond issuances to U.S. Bank is expected to occur in the first quarter of 2015.

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 50 domestic offices and three international locations in Buenos Aires, Argentina; London, England; and Dublin, Ireland.

About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $391 billion in assets as of September 30, 2014, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,177 banking offices in 25 states and 5,026 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 usbank.com.

Source: U.S. Bank

U.S. Bank Corporate Communications
Teri Charest, 612-303-0732

"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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