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U.S. Bank Provides New Financing Package to American Security Products Company

FONTANA, Calif., Feb 4, 2004 (BUSINESS WIRE) -- U.S. Bank has provided new banking facilities for American Security Products (AMSEC) of Fontana, Calif., the world's leading provider of security safes and security solutions. The financing package includes a new revolving credit line to support AMSEC's working capital requirements and letter of credit needs. In addition, U.S. Bank has offered treasury management and employee banking services for AMSEC and its 340 California-based employees.

Founded in 1948, AMSEC manufacturers and distributes consumer, commercial and gun safes to the United States, Canada, Puerto Rico and other foreign countries. U.S. Bank purchased a number of safes from AMSEC last year when it expanded its in-store branch network in the West through an agreement with Safeway and Vons stores. It anticipates further purchases in the near term as that expansion continues.

AMSEC President Hal Mottet said, "We selected U.S. Bank because they are as customer-driven as we are, understand the benefits of employing each other's services, and they were able to provide a creative financing package which will enable us to continue to cost-effectively grow our business."

William Cave, senior vice president and manager of U.S. Bank Commercial Banking in Ontario, Calif., added, "We have a dedicated group of people here who are committed to providing quality financial solutions to help companies such as AMSEC grow in a competitive business environment."

With assets in excess of $189 billion, U.S. Bancorp (NYSE:USB) is the 8th largest financial services holding company in the United States. The company operates 2,243 banking offices and 4,425 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. Visit U.S. Bancorp on the web at usbank.com.

SOURCE: U.S. Bank

CONTACT:          U.S. Bank Media Relations
                  Teri Charest, 612-303-0732

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Copyright (C) 2004 Business Wire.  All rights reserved.

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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