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U.S. Bank Awarded Commonwealth of Kentucky Custody Banking Services Contract

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

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

"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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