ST. LOUIS, Mo.--(BUSINESS WIRE)--May 25, 2005--U.S. Bancorp's
(NYSE:USB) national bank subsidiary, U.S. Bank, has entered into a
definitive agreement to become the exclusive in-store banking partner
for all 66 Schnuck Markets, Inc. locations in the St. Louis Metro
area. As a result of this partnership, U.S. Bank will establish 25
full-service in-store banking locations in selected Schnuck Markets
and place ATMs in the other 41 Schnuck Markets to give all 66 stores
in the St. Louis Metro area one convenient and customer service
focused financial services partner. With the addition of the Schnuck
Markets locations, U.S. Bank will have 110 full-service branches and
nearly 300 ATMs in the St. Louis Metro area.
"Busy people who like the convenience of one-stop shopping will
choose Schnuck Markets and U.S. Bank for their grocery and banking
needs," said Joseph Imbs, regional chairman and St. Louis market
president for U.S. Bank. "It is the goal of U.S. Bank, the number one
bank in town, and Schnuck Markets, 'the friendliest stores in town,'
to give customers the highest levels of convenience and service. For
142 years U.S. Bank has placed a major emphasis on service quality and
personal attention to its customers. These are traits we admire and
values that are shared by Schnucks, which also incorporates
customer-driven strategies into its day-to-day operations."
The 25 U.S. Bank in-store branches are scheduled to begin opening
inside Schnuck Markets in the coming months, with all of the locations
being completed by the first quarter of 2006. U.S. Bank is the
third-largest in-store branch-banking network in the United States and
will have a total of more than 500 in-store branches in 19 states once
the Schnuck Markets expansion is complete. The new banking locations
inside Schnuck Markets will be U.S. Bank's first in-store locations in
the St. Louis Metro area.
"We are always looking for ways to give our customers added value
and convenience," commented Craig Schnuck, chairman and chief
executive officer of Schnuck Markets, Inc. "This partnership with U.S.
Bank will further accommodate the needs of our soon-to-be shared
customers. We are delighted that our customers will be able to
efficiently and quickly do their shopping and banking all in one high
quality location. U.S. Bank is a strong partner and has an outstanding
record of being committed to quality customer service."
The 25 U.S. Bank in-store branches will offer a full range of
products and services and will be open seven-days-a-week. Each
in-store location will also have a full-service ATM. Twenty of the new
in-store locations will be in Missouri and include two branches in the
City of St. Louis; two in St. Charles; two in Chesterfield; and one in
Richmond Heights, Kirkwood, Overland, Jennings, Creve Coeur, Eureka,
Des Peres, Cottleville, Lake St. Louis, St. Peters, High Ridge,
Arnold, Wentzville and Florissant. The other five in-store locations
are in Illinois in the communities of Belleville, Collinsville,
Fairview Heights, Edwardsville and Cahokia.
Also, unrelated to the St. Louis agreement, U.S. Bank and Schnucks
announced on May 24 that in the coming months a full-service in-store
bank would be added to the Schnuck Markets location in Bettendorf,
Founded in St. Louis in 1939, Schnuck Markets, Inc. currently
operates 103 stores (including five Logli stores) and 97 pharmacies in
Missouri, Illinois, Indiana, Wisconsin, Tennessee, Mississippi and
Iowa. The family-owned company ranks 94th in the Forbes magazine
listing of the nation's "Largest Private Companies."
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. 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
Steve Dale, 612-303-0784
Teri Charest, 612-303-0732
Lori Willis, 314-994-4602
SOURCE: U.S. Bancorp