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U.S. Bank Institutional Trust & Custody Announces Health Savings Account Offering

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 13, 2005--U.S. Bank Institutional Trust & Custody is offering a new Health Savings Account (HSA) called the U.S. Bank Health Savings Solution. U.S. Bank Health Savings Solution serves a full range of clients, including employers, medical insurance companies and medical third-party administrators. More than 30 clients are already utilizing U.S. Bank Health Savings Solution.

"Amid rapidly rising health care costs, more employers are turning to healthcare options that offer lower premiums," said Diane Thormodsgard, president of U.S. Bank Institutional Trust & Custody. "Plans such as a High Deductible Health Plan are attractive to employees who prefer a higher deductible in exchange for a lower premium. When bundled with an HSA, these plans become an attractive benefit for employers to offer in a competitive marketplace. The U.S. Bank Institutional Trust & Custody team is here to help our clients strengthen their competitive position and meet regulatory and compliance requirements."

"U.S. Bank is one of the early entrants into the institutional HSA product market," said Dan Kelly, manager of HSA Services for U.S. Bank Institutional Trust & Custody. "U.S. Bank Health Savings Solution combines competitive HSA product features with the national presence of the U.S. Bank brand, and is designed to be flexible so it can best support the needs of our clients and their employees."

Account and service features include web enrollment for employees; a number of batch enrollment options for employers; web and Interactive Voice Response systems; a customer service call center; automatic deposits through payroll deductions; ad hoc deposits through lockbox or Automated Clearing House facilities; check writing and debit card capabilities; and electronic or paper monthly statements. U.S. Bank also provides regulatory support including contribution tracking, year-end reporting, and ongoing consulting and education.

U.S. Bank Institutional Trust & Custody is a division of U.S. Bank N.A. that focuses on retirement, investment, trust and custody services for institutional clients. Its product offerings include retirement plans (401(k), profit sharing or money purchase pension plans, and defined benefit), institutional trust and custody services, master trust services and health savings accounts.

U.S. Bancorp (NYSE:USB), with assets of $193 billion, 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 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.

"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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