MINNEAPOLIS--(BUSINESS WIRE)--June 7, 2004--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. In addition to the
company's overall rating, the OCC also recognized U.S. Bank's efforts
specifically in Utah as "Outstanding." Less than ten percent of
financial institutions in the nation received an "Outstanding" CRA
rating from the OCC.
"U.S. Bank in Utah takes great pride in the communities where we
do business," said Damon Miller, president of U.S. Bank in Utah.
"Everyone benefits when communities are stronger and more vibrant."
The OCC Reports that in Utah, U.S. Bank rated "Outstanding" in the
lending and investment test ratings, and "high satisfactory" in the
service test rating. The OCC reported that the following major factors
that support the "Outstanding" rating include:
-- Community development lending had a significant, positive
impact on lending performance overall, and all loans were
responsive to affordable housing needs;
-- The distribution of loans to geographies of different income
levels is excellent;
-- U.S. Bank's investment volume is excellent; the bank made 25
investments totaling $4.6 million in 2001 and 20002; and
-- Accessibility to U.S. Bank branches is excellent and services
offered by bank branches are consistent across the branch
During a nearly year-long examination process, the OCC evaluated
U.S. Bank N.A.'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 in 24 states,
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.
CONTACT: U.S. Bank
Amy Frantti, 612-303-0733
SOURCE: U.S. Bank