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
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