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U.S. Bank Aligns Small Business and Metropolitan Banking with Promotion of Two Executives

Ross Carey to lead small business, Steve SaLoutos to lead all branches in metropolitan markets

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 29, 2016-- U.S. Bank has strengthened the service it provides to consumer and small business customers by aligning its business under two seasoned leaders, Ross Carey and Steve SaLoutos. Carey will lead small business, and SaLoutos will lead metropolitan banking, both under John Elmore, vice chairman of consumer banking and branch delivery at U.S. Bank.

Carey, 59, has been with U.S. Bank since 1991. He was most recently head of metropolitan banking in the western portion of U.S. Bank’s 25-state footprint. In this new role, Carey will oversee all small business banking teams as well as U.S. Bank’s Small Business Administration (SBA) and Practice Finance divisions. This team of more than 870 employees supports every aspect of a small business customer’s banking and credit needs.

Steve SaLoutos, 57, has been named head of all metropolitan banking, spanning 1,187 branches in the company’s footprint and uniting what had previously been two metropolitan divisions – Midwest and West. SaLoutos, who has been with U.S. Bank for 32 years, previously led the Midwest division. He now oversees a team of more than 8,400 employees.

“These changes in our organization will help us deliver a strong, unified approach to consumer and small business banking,” said Elmore. “The experience and leadership strength that Steve and Ross bring to these positions are extraordinary. They approach their roles with integrity and that credibility is felt among their peers, their employees and our customers.”

Carey is based in Salem, Ore. He serves on the Consumer Bankers Association (CBA) board as chair-elect, and previously was chairman of its Government Relations Council. Active in his community, Carey is the past president of Family Building Blocks, a relief nursery, and past chair of the Make-A-Wish Foundation of Oregon. Carey attended the University of Oregon and earned a Bachelor of Social Science degree. He and Suzanne, his wife of 23 years, have two grown children.

SaLoutos is based in Milwaukee. He is a graduate of the University of Wisconsin-Whitewater and earned his MBA at the University of Wisconsin-Madison. He was recently named to the board of the United Way of Greater Milwaukee and Waukesha County. He also serves on the board of the Bank Administration Institute (BAI), the Wisconsin Women’s Business Initiative Corporation, the Northwest Side Community Development Corporation, the Cedarburg Education Foundation and Sprecher Brewing Company. SaLoutos and his wife have two children and live in Grafton, Wisconsin.

U.S. Bancorp (NYSE: USB), with $422 billion in assets as of December 31, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,133 banking offices in 25 states and 4,936 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.

Source: U.S. Bank

U.S. Bank Corporate Communications
Teri Charest, 612-303-0732
teri.charest@usbank.com, @usbank_news

"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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