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U.S. Bancorp Equipment Finance Names McBeth Executive Vice President and General Manager of its Capital Equipment Group

PORTLAND, Ore.--(BUSINESS WIRE)--Aug. 2, 2005--U.S. Bancorp Equipment Finance, Inc. has named R. Blair McBeth, Jr. executive vice president and general manager of its Capital Equipment Group. McBeth replaces Greg Mamula, who will be retiring after 14 years with U.S. Bancorp. McBeth will be based in Portland and report to Sal Maglietta, president and chief executive officer of U.S. Bancorp Equipment Finance, Inc.

In his new role, McBeth will manage and lead the largest of four lines of business that comprise U.S. Bancorp Equipment Finance, which provides flexible and competitive equipment financing for middle-market and investment-grade companies across the United States.

"We welcome Blair's breadth of industry knowledge and seasoned management skills, and are pleased to have attracted someone with his notable background," said Maglietta. "At the same time I'm saddened to be losing Greg's leadership, expertise and insight. He's been a valued member of our senior management team."

McBeth has worked in the equipment leasing and finance industry for more than 26 years, most recently with ORIX Financial Services in Atlanta, where he was senior vice president and sales manager of the structured finance division. Prior to that post, he worked for ICX Corporation based in Cleveland, and as national sales manager for Citicapital Bankers Leasing in Harrison, N.Y. His experience also includes senior sales management positions with GE Capital-Phoenixcor in Norwalk, Conn. and the CIT Group, Capital Equipment Financing, Inc. in New York.

A graduate of Dickinson College in Carlisle, Pa., McBeth earned his bachelor's degree in political science and went on to earn a master's degree from the American Graduate School of International Management in Phoenix.

U.S. Bancorp Equipment Finance, Inc., one of the largest bank-affiliated equipment finance companies in the nation, has been providing quality equipment finance solutions for more than 30 years. It is a major funding source for companies in virtually every industry sector nationwide.

U.S. Bancorp Equipment Finance, Inc. is part of U.S. Bancorp (NYSE:USB). With $204 billion in assets, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,383 banking offices and 4,877 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. Bancorp Media Relations
Teri Charest, 612-303-0732
teri.charest@usbank.com

SOURCE: U.S. Bancorp

"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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