SAN DIEGO, Dec 19, 2002 (BUSINESS WIRE) --
U.S. Bancorp (NYSE:USB)
U.S. Bank has earned the business of the San Diego County Regional Airport
Authority and will be its primary bank when it begins operating independently
from the San Diego Unified Port District on January 1, 2003.
U.S. Bank will provide deposit and treasury management services to the airport
authority, which will assume control and operation of San Diego International
Airport on the first of the year. The San Diego Unified Port District has
operated the airport since 1962. California lawmakers passed a bill last year to
transfer the airport to the authority.
"The airport authority is a new regional public agency with major
responsibilities. We wanted to ensure its banking institution was a reputable
one, offered the financial services we need and was customer service oriented.
We think this is the case with U.S. Bank," said Thella Bowens, interim executive
director of the airport authority.
This is the third major business announcement from U.S. Bank in San Diego
recently. In November, San Diego State University chose U.S. Bank to add banking
services to its campus card, the SDSU Card, which faculty, staff and students
use. Then in early December, Suzy's Zoo, a long-time card, stationary and gift
company in San Diego, chose U.S. Bank's retirement plan.
"It's very prestigious for the bank to be on the ground floor of a newly-created
government entity as large as the airport authority, and we are honored to be
their bank of choice," said Robert Armstrong, market president for U.S. Bank in
San Diego. "I credit the well orchestrated team effort that was led by Patrick
Pearson in our government banking division and Don Reitz in treasury management
for bringing this relationship to fruition. Their work, combined with the
support of our commercial staff and advisory board members, has resulted in an
exciting new opportunity for the bank and the airport."
The treasury management products and services that the San Diego Regional
Airport Authority has chosen will help it save money, reduce exposure to check
fraud and make its financial processes more efficient. For example, image
positive pay will aid in the detection of check fraud by prohibiting payment of
checks without customer authorization. U.S. Bank will also provide cleared
checks back to the airport authority via CD-ROM, which reduces storage costs and
facilitates faster research. In addition, the San Diego Regional Airport
Authority will benefit from online information reporting, reconcilement
services, and secure vault services for cash handling.
U.S. Bancorp (NYSE:USB), with assets in excess of $174 billion, is the 8th
largest financial services holding company in the United States. The company
operates 2,133 banking offices and 4,680 ATMs, and provides a comprehensive line
of banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. U.S. Bancorp is
home of the Five Star Service Guarantee which assures customers of certain key
banking benefits and services or customers will be paid for their inconvenience.
U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web
CONTACT: U.S. Bank
Teri Charest, Media Relations, 612/303-0732
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SOURCE: U.S. Bank