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Allegacy Federal Credit Union Chooses U.S. Bank Home Mortgage for Mortgage Outsourcing Services

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 1, 2004--U.S. Bank Home Mortgage and Allegacy Federal Credit Union have announced a new relationship to provide mortgage services to Allegacy's 94,000 members.

Allegacy, one of the largest credit unions in the nation, is a leader in mortgage and relocation services. Their growth has required additional capacity, as well as nationwide mortgage fulfillment. U.S. Bank Home Mortgage was a natural choice for the expansion as the company is a leader in mortgage outsourcing and the company has an established relocation lending department.

"We selected U.S. Bank Home Mortgage because they share our member-centric focus. They also offer programs that solve additional needs, such as their unique portfolio retention program," said Patsy Payne, vice president of mortgage operations at Allegacy.

Tom Handler, vice president of U.S. Bank Home Mortgage, said the relationship with Allegacy is mutually beneficial. "Allegacy's needs and culture fit perfectly with that of U.S. Bank Home Mortgage, which is why we are thrilled to serve their needs."

For more information about mortgage services for credit unions call 800-644-7356.

Allegacy Federal Credit Union is a $1 billion credit union that serves 94,000 members throughout the world. U.S. Bank provides outsourcing services to more than 1,100 credit unions.

U.S. Bancorp (NYSE:USB), with $193 billion in assets, is the 6th largest financial services holding company in the United States. The company operates 2,346 banking offices and 4,621 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 in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.


    CONTACT: U.S. Bank Media Relations
             Teri Charest, 612-303-0732
             teri.charest@usbank.com

    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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