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U.S. Bank Opens Retail Lockbox Facility in Los Angeles

LOS ANGELES--(BUSINESS WIRE)--Dec. 2, 2004--U.S. Bank has opened a state-of-the-art, national retail lockbox site in Los Angeles to process payments and receivables information for national and regional corporate customers. U.S. Bank is one of only a few banks nationwide to fully operate a retail lockbox in-house and the investment in this facility in Los Angeles demonstrates the strong focus and commitment by U.S. Bank to provide best-in-class treasury management services to its customers and to support the California market.

The new site is one of four national retail lockbox facilities that U.S. Bank operates, with the other locations in Cincinnati, St. Louis and Milwaukee. Each of these sites provides enhanced exception payment processing and imaging services, increasing the percentage of payments that post accurately to accounts receivable and the tools available for superior customer service. U.S. Bank also operates twelve regional lockbox facilities that provide payment-processing services for companies collecting both consumer and commercial receivables.

The Los Angeles facility will offer customers the latest payment processing technology, which includes the Accounts Receivable Conversion (ARC) capability, also known as U.S. Bank Retail Lockbox Electronic Deposit. This service automatically converts eligible payments made by check into an electronic ACH debit. These transactions enable the company to receive credit for payments faster while expediting returned items.

U.S. Bank Retail Lockbox Electronic Deposit complements other check conversion services that U.S. Bank offers business customers, including U.S. Bank Cash Letter Electronic Deposit and U.S. Bank On-Site Electronic Deposit. Both Cash Letter and On-Site Electronic Deposit are new check electronification products offered to business customers for back office processing solutions. These three image deposit products are designed to leverage the advantages of Check 21 legislation with leading edge check imaging and ACH check conversion technology, whether processed at the customer site or through a U.S. Bank Retail Lockbox location.

"The addition of the new Los Angeles site is part of U.S. Bank's commitment to offer our business customers innovative products and services as the industry shifts to check electronification for faster, safer and more efficient payment processing," said Jeff Jones, executive vice president of U.S. Bank Treasury Management Services.

The facility is equipped to handle clients with millions of customers as well as those with a customer base in the thousands. In planning for significant growth, U.S. Bank will have the capacity to easily expand as new business is acquired. U.S. Bank and its legacy companies have been in the lockbox business for more than 50 years, and it is one of few banks nationwide that continues to process consumer payments in-house versus outsourcing its lockbox operations. U.S. Bank has partnered with Wausau Financial Systems and OPEX Corporation for its remittance processing solution.

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 usbank.com.

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

    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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