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U.S. Bank Corporate Trust Services Opens Office in Dallas

DALLAS--(BUSINESS WIRE)--May 16, 2005--U.S. Bank Corporate Trust Services opened a new office in Dallas today. Located at 14241 Dallas Parkway, the office is managed by Kevin McIlwaine, vice president of U.S. Bank Corporate Trust Services.

"U.S. Bank Corporate Trust Services is opening this new office as part of the company's efforts to expand into additional markets nationwide," said Diane Thormodsgard, president of U.S. Bank Corporate Trust Services. "U.S. Bank is a major player in the corporate trust business and is known for providing great service and having the capabilities for serving clients, which we will extend to our customers in Texas. Kevin has a successful history of trustee and agency work on a variety of issuances including corporate and refunding escrows, industrial revenue bonds, multi-family and single family housing bonds, and more. He understands the corporate trust and escrow needs of customers, as well as their expectations."

"Adding Texas to our footprint makes sense when you consider the fact that the amount of debt issued in the state is enormous, and the business climate continues to improve," said McIlwaine. "Our presence in Texas will increase U.S. Bank's visibility and market share as the number one provider of corporate trust services in one of the largest markets in the country."

In addition to McIlwaine, six employees of the U.S. Bank commercial real estate team also work at the Dallas Parkway location. Although U.S. Bank does not operate branches in Texas, it does have a significant employee base with approximately 100 people working for U.S. Bank Voyager Fleet Systems, Inc., in Houston, and 200 employees in Irving who joined the U.S. Bank team when the company purchased Genpass, Inc., and its subsidiaries last week.

U.S. Bank Corporate Trust Services is one of the nation's largest providers of trustee services with more than $1.8 trillion in assets under administration in municipal, corporate, asset-backed and international bonds. In addition, it provides paying agent, escrow agent and document collateral services through its network of 31 offices nationwide.

U.S. Bancorp (NYSE:USB), with assets of $198 billion, is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 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.

Media Relations
Amy Frantti


"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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