CINCINNATI--(BUSINESS WIRE)--Jan. 27, 2005--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
that U.S. Bank is continuing to meet the credit needs of all its
segments of its communities. By comparison, less than ten percent of
all financial institutions in the United States received an
"Outstanding" CRA rating from the OCC.
"U.S. Bank is proud to receive the outstanding CRA rating from the
OCC for our efforts in the tri-state area," said James Schwab, U.S.
Bank Cincinnati market president. "This rating recognizes the
incredible commitment that U.S. Bank and our employees have to the
Greater Cincinnati Community. We would also like to thank our
community partners for their continued support to help achieve the top
CRA for our work in Ohio, Kentucky and Indiana. We certainly could not
have done this without them."
The OCC reports that in Cincinnati, U.S. Bank was "Outstanding" in
the lending test, "High Satisfactory" in the investment test ratings
and "High Satisfactory" in services to the community. The OCC
indicated that the major factors supporting the "Outstanding" rating
are:
-- Excellent distribution of loans to low-to-moderate income
(LMI) borrowers and excellent lending activity was further
enhanced by a good distribution of loans within LMI
geographies and a positive level of community development
loans. U.S. Bank has participated in three of Cincinnati
Development Fund's Loan pools with commitments made of well
over $37 million to fund construction and rehabilitation of
market-rate and low-income housing in Cincinnati
neighborhoods. U.S. Bank is also the only Bank participating
in an innovative program designed to assist Cincinnati Public
School Employees in buying a house within the CPS district,
thus help in recruiting and retaining quality teachers and
also in increasing home ownership within the City of
Cincinnati. Other U.S. Bank services that have been created
through partnerships are the Hamilton County Home Improvement
Program (HIP Program), The SBA Community Express Loan Program
for Small Businesses and The Mind your Money Financial
Literacy program.
-- Good responsiveness to the investment needs of the multi-state
metropolitan area based on the volume of qualifying
investments originated during the evaluation period. Examples
of U.S. Bank contributions and grants made during the OCC
review included the expansion of the Convention Center, the
Underground Railroad Freedom Center, the Contemporary Arts
Center, Greater Cincinnati Chamber of Commerce, Ohio Valley
Goodwill and the renovation of Findlay Market. In addition,
U.S. Bank is an investor in the Cincinnati Equity Fund, which
has made loans and investments in housing projects located in
the downtown and Over-the-Rhine area. U.S. Bank also gave a
grant to Cincinnati CAN (Cincinnati Action Now), to help
improve police and community relationships along with
accelerating employment and business development growth in the
Cincinnati community. United Way contributions from U.S.
Bancorp Foundation and U.S Bank employees have consistently
exceeded $1 million annually.
-- Excellent community development services and a good record of
opening offices and closing boosted the bank's Service Test
performance to good despite only adequate access to bank
facilities and less convenient branch hours in LMI areas. U.S.
Bank has created unique ways of making banking more convenient
for its customers by operating in places like The Over the
Rhine Community and having either a branch location or 24 hour
ATM banking in seven of nine areas which received federally
funded "Empowerment Zone" grants. U.S. Bank also operates in
retirement centers and offers express branches in the Kenwood
and Tri-County Mall, as well as at Xavier University Campus
and in all Proctor & Gamble locations. In addition, U.S. Bank
has 19 in-store banking locations in the Greater Cincinnati
area in Thriftway, Meijer, Lo Bill, biggs, Kroger, and Remke,
and extended hours and Saturdays are available in the majority
of our branches.
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.
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 LMI 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, partnerships with local governments and
non-profit organizations 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 LMI 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 $195 billion, is the 6th
largest financial services holding company in the United States. The
company operates 2,370 banking offices and 4,620 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.
CONTACT: U.S. Bank
Lisa Clark, 608-877-7517
SOURCE: U.S. Bank
