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Sheets, Smith & Associates Awards U.S. Bank Custody Banking Services Contract

MINNEAPOLIS/WINSTON-SALEM, N.C.--(BUSINESS WIRE)--June 7, 2005--Sheets, Smith & Associates, Inc., has selected U.S. Bank Institutional Trust & Custody to provide custodial services. Sheets, Smith & Associates is a registered investment advisory firm located in Winston-Salem, N.C. The firm provides comprehensive portfolio management services for institutions and individuals and families with high net worth.

"The U.S. Bank team's responsiveness to our requests and questions has enabled us to provide our clients with customized services not found within most large banking institutions," said John R. Sheets, president of Sheets, Smith & Associates.

"Sheets, Smith & Associates has been a client of U.S. Bank since 1999, and awarded us this large piece of business because of our outstanding service and quality of work," said Diane L. Thormodsgard, president of U.S. Bank Institutional Trust & Custody. "Sheets, Smith & Associates is a great partner and we look forward to working with them more in the future. Their team and U.S. Bank make a great fit."

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, master trust services and health savings accounts.

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 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.

CONTACT: U.S. Bank Media Relations
Amy B. Frantti, 612-303-0733

SOURCE: U.S. Bank

"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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