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U.S. Bank Global Corporate Trust Services Partners with eOriginal for Document Custodian Services

MINNEAPOLIS--(BUSINESS WIRE)--Sep. 24, 2015-- U.S. Bank Global Corporate Trust Services, one of the country’s largest document custodians, is partnering with eOriginal to provide custodial services for firms issuing securities backed by digital assets.

When a firm issues an asset-backed security to investors, it must appoint a custodian to hold documentation for the collateral owned or pledged to a trust. The collateral and associated documents vary and can include equipment leases and auto loans and leases, among others. Through the new partnership with eOriginal, U.S. Bank is now able to accept and store electronically-signed documents, and serve as custodian for fully-electronic securitization trusts or other similar transactions.

“The securitization process has always required significant documentation, so digitization creates an opportunity for issuers to increase efficiency and reduce costs,” said Bryan Calder, president of U.S. Bank Global Corporate Trust Services. “As a leading document custodian, we’re pleased to be able to accommodate this growing trend in the marketplace.”

Minneapolis, Minn.-based clean energy lender Kilowatt Financial (KWF) signed on this month as the bank’s first paperless document custody client, using the bank’s service for its lending programs. KWF provides consumers with affordable financing choices for residential solar systems and energy-efficient home improvements so that more people can run their homes cleanly and economically.

“The new digital document option from U.S. Bank is a great step forward. Our industry is on the leading edge in digitalization for the sake of operational efficiency, customer experience, cost savings and environmental sustainability,” said Matt Melius, CEO of KWF.

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $419 billion in assets as of June 30, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,164 banking offices in 25 states and 5,020 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

Pat Swanson, U.S. Bank Corporate Communications
(816) 871-2394, patrick.swanson@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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