MINNEAPOLIS & FRANKFORT, Ky., Jun 30, 2005 (BUSINESS WIRE) -- The Commonwealth of Kentucky has selected U.S. Bank
Institutional Trust & Custody, through a competitive process, to
provide custodial and safekeeping services for its $2.8 billion
investment portfolio effective July 1, 2005.
"We are delighted to provide custodial banking services for the
Commonwealth of Kentucky," said Diane Thormodsgard, president of U.S.
Bank Institutional Trust & Custody. "U.S. Bank will deliver the best
service possible, backed by our Five Star Service Guarantee."
"We are very pleased to work with the Commonwealth of Kentucky and
look forward to helping it meet its financial goals," said Mark
Wheeler, a regional president for U.S. Bank in Kentucky.
The Commonwealth of Kentucky, nicknamed the Bluegrass State, was
the first state west of the Alleghenies to be settled by pioneers.
Kentucky is bounded by the Ohio River to the north and the Mississippi
River to the west, and is bordered by the states of Illinois, Indiana,
Ohio, West Virginia, Tennessee, Missouri and the Commonwealth of
Virginia. The Kentucky economy has become a diversified, modern
economy including manufacturing of industrial machinery, automobiles
and automobile parts, and consumer appliances. The Commonwealth of
Kentucky's parks, horse breeding and racing industry, symbolized by
the Kentucky Derby, play an important role in expanding the tourism
industry in the commonwealth.
U.S. Bank Institutional Trust & Custody is a division of U.S. Bank
N.A. that focuses on investment, trust, custody, and retirement
services for institutional clients. Its product offerings include
institutional trust and custody services, master trust services,
retirement plans (401(k), profit sharing, money purchase pension, and
defined benefit), 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.
SOURCE: U.S. Bank
Amy Frantti, 612-303-0733