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U.S. Bank Acquires Genpass, Inc., Expands Payment Processing and ATM Services to Clients

MINNEAPOLIS & IRVING, Texas--(BUSINESS WIRE)--May 10, 2005--U.S. Bank, a subsidiary of U.S. Bancorp (NYSE:USB), has purchased Genpass, Inc. and its subsidiaries. This transaction makes U.S. Bank the nation's second-largest, third-party ATM processor, in addition to having the second-largest bank owned ATM network in the country.

Genpass is a leading provider of electronic funds transfer (EFT), automated teller machine (ATM) and debit processing services to financial institutions and other clients and owner of the MoneyPass, MoneyMaker and MONEY BELT ATM networks. Approximately 350 Genpass employees will become employees of U.S. Bank as part of the acquisition. Financial terms of the agreement were not disclosed.

This acquisition brings together two leaders in the payment services industry with complementary products and services including: ATM processing, debit card processing, agent bank credit card programs and merchant processing solutions.

"This transaction makes U.S. Bank a leader in every major payment processing business and creates a foundation for future growth," said Pamela Joseph, vice chairman of U.S. Bancorp, who leads the company's payment services businesses. "U.S. Bank has a long history of innovation and growth in the payment services industry and the acquisition of Genpass affirms our commitment to grow all aspects of the payments business. U.S. Bank brings scale, capital, expertise, and new products to the Genpass customer base, while maintaining the highest commitments to quality."

The Irving, Texas processing location and operating platform of Genpass will be retained in order to take full advantage of its industry leading technology and ensure continuity for Genpass clients.

"Genpass has grown rapidly to become the second largest ATM processor in the United States and is also the owner of MoneyPass, one of the largest 'open' surcharge free networks in the United States," said Janet Estep, executive vice president for U.S. Bank Transaction Services, and manager of the Elan Financial Services business unit. "Genpass customers will continue to benefit from the high level of customer service, excellent products and technology delivered by Genpass, and U.S. Bank will bring new capabilities from our processing businesses as well as additional products through our correspondent banking division."

U.S. Bank, through Elan Financial Services, has more than 35 years experience in providing payment products and services to financial institutions.

Genpass, founded in 2000, is one of the largest EFT service providers in the United States. Genpass operates the MoneyPass, Moneymaker and MONEY BELT EFT Networks. Four operating divisions provide end-to-end EFT network and processing solutions to clients throughout the country. Genpass offers a full array of the most technologically advanced traditional EFT product offerings including: ATM driving and monitoring services; cash management and prediction services; EFT transaction processing services; cardholder authorization processing services; settlement, reporting and reconcilement services; card services; and full service advanced ATM support. Also, Genpass is the only EFT Network to offer ATM maintenance services through the Service Solutions division.

Elan Financial Services supports more than 7,700 ATMs, 15 million ATM/POS cards, and two million credit cardholders with a complete range of products and services including credit card issuing, ATM, debit card, and merchant processing. Elan offers a full range of ATM services to financial institutions and, independent sales organizations including authorization processing, terminal driving and switching services. These are conducted through a wide array of network options with all the necessary card management and support functions creating an easy to manage card program for financial institutions. Elan also provides membership in the Fastbank ATM network, which includes deposit-sharing ATM locations and Fastbank Free, the surcharge-free option. The more than 2,500 clients of Elan enjoy full-service support and management tools, which are secured with a unique Service Guarantee. For more information call 1-800-343-7064 or visit elanfinancialservices.com.

U.S. Bancorp, with $198 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 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. Visit U.S. Bancorp on the web at usbank.com.

CONTACT: U.S. Bancorp Media Relations
Steve Dale, 612-303-0784
or
U.S. Bancorp Investor Relations
H.D. McCullough, 612-303-0786

SOURCE: U.S. Bancorp

"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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