MINNEAPOLIS, May 10, 2004 (BUSINESS WIRE) -- U.S. Bank National Association has
been awarded an "Outstanding" rating, the highest rating possible, by the Office
of the Comptroller of the Currency (OCC) for its commitment to the letter and
spirit of the Community Reinvestment Act (CRA). By awarding this rating, the OCC
acknowledged U.S. Bank's leadership role in meeting the credit needs of all
segments of the communities the bank serves.
Jerry A. Grundhofer, chairman, president and chief executive officer of U.S.
Bancorp, the parent company of U.S. Bank, commented, "This 'Outstanding' rating
illustrates the importance we continually place on providing the many
communities we serve with banking products and services that fully meet their
financial needs. We are extremely proud of this designation and will continue to
make lending to, and investing in, the communities in which we do business one
of our highest priorities."
During a nearly year-long examination process, the OCC evaluated U.S. Bank's
mortgage lending efforts, including home purchases, home improvement and
refinance loans, small business, small farm, and consumer lending, as well as
community development lending and investments from Jan. 1, 2001 until Dec. 31,
2002.
The OCC report noted most of U.S. Bank's community development loans addressed
affordable housing needs or projects that helped to stabilize or revitalize low-
to moderate-income areas. Also included in the report was information on U.S.
Bank's use of flexible loan programs, several of the bank's nationwide loan
programs that support affordable housing as well as small businesses, U.S.
Bank's Deferred Assistance Loan program and the American Dream home loan
program.
Congress passed the CRA in 1977 to ensure that financial institutions meet the
credit needs of all areas that the institution serves, including low- and
moderate-income areas and people. Financial institutions, including banks, are
examined in lending, investment and service categories every two years.
U.S. Bancorp (NYSE:USB), with assets of $192 billion, is the 7th largest
financial services holding company in the United States. The company operates
2,275 banking offices and 4,472 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
Amy Frantti, 612-303-0733
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SOURCE: U.S. Bank
