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U.S. Bank Leading Agent of up to $100 Million Credit Line for Security National Automotive Acceptance Corporation; U.S. Bank Commits $25 Million of Credit Line To SNAAC

CINCINNATI, Jun 16, 2003 (BUSINESS WIRE) -- Security National Automotive Acceptance Corporation (SNAAC), based in Mason, Ohio, has selected U.S. Bank to agent a line of credit of up to $100 million. U.S. Bank, who replaces a prior agent, is lending $25 million of the credit line and is working with four other banks to provide SNAAC with up to $100 million working capital line. SNAAC currently is using $80 million of the $100 million line.

U.S. Bank is assisting SNAAC to meet its treasury management needs and will offer private banking, group banking and trust services.

Headquartered near Cincinnati, Ohio, SNAAC provides dealers of pre-owned automobiles with competitive financing programs for military personnel, who may have little or no access to alternative sources of financing. The Company also offers approved dealers automated underwriting and same-day approval for loan applications submitted through the Internet.

SNAAC is licensed to do business in 24 states and purchases contracts from over 600 approved dealers. Theodore and Beverly A. Catino founded the Company 16 years ago. As of March 31, 2003, SNAAC owned or managed approximately $110 million of gross receivables and generated net interest income and net income of $4.23 million and $1.3 million, respectively for the first quarter of 2003.

Theodore Catino, CEO of SNAAC, said, "We selected U.S. Bank because they are as adaptable, flexible and customer-driven as we are. We were also happy with service they provided with an earlier $25 million line of credit. Our new credit arrangement will enable us to cost-effectively grow our business as a leader in providing financial services to automotive dealers servicing military personnel."

David Sceva, Senior Vice President of U.S. Bank's Business Credit Group, commented, "We have a dedicated group of people here who are committed to providing quality financial solutions to help companies grow in a competitive business environment."

U.S. Bancorp, with assets in excess of $182 billion, is the 8th largest financial services holding company in the United States. The company operates 2,200 banking offices and 4,582 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 at usbank.com.

SOURCE: U.S. Bank

CONTACT:          U.S. Bank Media Relations
                  Lisa Clark, 608/877-7517

URL:              http://www.businesswire.com
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SOURCE: U.S. Bank

"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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