MINNEAPOLIS & PLEASANTON, Calif., Sep 2, 2003 (BUSINESS WIRE) -- U.S. Bancorp's
(NYSE:USB) national bank subsidiary, U.S. Bank, has entered into a definitive
agreement to expand its relationship with the supermarket retailer Safeway Inc.
(NYSE:SWY) by opening 163 new full-service in-store banking locations during the
next two years in California, Arizona and Nevada stores. This will be the
largest in-store expansion and partnership venture in U.S. Bancorp's 140-year
history. U.S. Bank is the third-largest in-store branch-banking network in the
United States and will have a total of 446 in-store branches in 19 states once
the Safeway/Vons expansion is completed. (Vons is a division of Safeway Inc.)
"Our partnership with Safeway Inc. is a great way to reach out to busy people
who like the convenience of one-stop shopping," said Richard Davis, vice
chairman of commercial and consumer banking for U.S. Bancorp. "It is the goal of
U.S. Bank and Safeway Inc. to give customers the highest levels of convenience
and service. We feel very fortunate to have such an outstanding partner as
Safeway in this venture in California, Arizona and Nevada. For 140 years U.S.
Bank has placed a major emphasis on service quality and personal attention to
its customers. These are traits we admire and values that are shared by Safeway
and Vons, which also incorporate customer-driven strategies into their
The new 163 U.S. Bank in-store branches are scheduled to begin opening inside
Safeway and Vons stores in the fall of 2003. U.S. Bank will open 119 of the
total 163 in-store branches inside Safeway locations in Sacramento, the Greater
San Francisco Bay Area, Phoenix and Tucson. U.S. Bank will open the remaining 44
new in-store locations inside Vons stores in the Los Angles/Orange/Riverside
County region, San Diego and Las Vegas. Currently, U.S. Bank has branches in all
of these markets except for Tucson, where this will be U.S. Bank's introduction
to that city.
"We are constantly looking for ways to give our customers added value and
convenience," remarked Donald Kingsborough, president of Safeway marketing
services. "This partnership with U.S. Bank will further accommodate the needs of
our soon-to-be shared customers. We are delighted that our customers will now be
able to efficiently and quickly do their shopping and banking all in one high
quality location. U.S. Bank is a strong partner and has an outstanding record of
being committed to quality customer service."
The new U.S. Bank locations inside Safeway and Vons stores will offer a full
range of services and will be open seven-days-a-week. In addition to opening
checking accounts, customers can conveniently transact business on savings, CDs,
IRAs and other investment opportunities, or get a loan for a car, mortgage,
boat, home improvement or debt consolidation. Each location will also have a
U.S. Bank is home of the exclusive Five Star Service Guarantee, which assures
customers of certain key banking benefits. If for any reason U.S. Bank fails to
deliver on its guarantee it will pay the customer, in addition to making the
U.S. Bank currently has locations inside six Safeway stores in the Seattle,
Safeway Inc. is a Fortune 50 company and one of the largest food and drug
retailers in North America based on sales. The company operates 1,702 stores in
the United States and Canada and had annual sales from continuing operations of
$32.4 billion in 2002.
U.S. Bancorp, with assets of $195 billion, is the 8th largest financial services
holding company in the United States. The company operates 2,199 banking offices
and 4,575 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
Steve Dale, 612-303-0784
Teri Charest, 612-303-0732
Safeway, N. Calif.
Alexander Winslow, 925-467-2057
Vons, S. Calif.
Sandra Calderon, 626-821-7291
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SOURCE: U.S. Bank