MINNEAPOLIS--(BUSINESS WIRE)--Nov. 28, 2005--U.S. Bancorp was
recently named as the top performing large-bank in the country,
according to Bank Director's 2005 Bank Performance Scorecard. The
ranking was "...based on publicly available data over four linked
quarters - the third and fourth quarters of 2004 and the first and
second quarters of 2005." Banks making the "top large-bank"
performance ranking had to have more than $50 billion in total assets.
Bank Director magazine used six categories to measure the
performance of 150 banks (23 of which qualified as "large-banks") in
the United States, including -- return on average assets, return on
average equity, tier-1 capital ratio, leverage ratio, nonperforming
asset ratio and reserve coverage. The Bank Performance Scorecard noted
that it takes "high profitability, a strong balance sheet and
outstanding asset quality" to become a high performance bank.
Bank Director's fourth quarter 2005 edition also included a
feature article on U.S. Bancorp and its Chairman and Chief Executive
Officer, Jerry Grundhofer. The article by John R. Engen, entitled Many
Happy Returns noted that "...Grundhofer refocused the bank on organic
growth and productivity--and its performance has soared." The article
chronicles Grundhofer's and the organization's success, which the
author sums up in two words: "fees and efficiencies." When comparing
U.S. Bancorp to the other banks that made the large-bank Scorecard it
was noted "no other large bank really comes close to those (U.S.
Bancorp's) return numbers."
The magazine pointed out U.S. Bancorp's board of directors
contribution to the success of the company, noting, "The 12-member
group boasts eight sitting CEOs, including those from such large
companies as Anheuser-Busch Cos., Cargill, and Medtronic. Management
runs the company, of course, but directors conduct annual strategy
reviews and are 'continuously asking questions...and keeping a
critical eye on our operations,' Grunhofer says. They're also
'excellent stewards of capital,' he adds."
According to the large-bank scorecard, U.S. Bancorp was ranked
number one in two of the six categories listed previously with a
return on average assets of 2.22 percent and return on average equity
of 22.61 percent.
U.S. Bancorp (NYSE:USB), with $207 billion in assets, is the 6th
largest financial holding company in the United States. The company
operates 2,411 banking offices and 4,999 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
CONTACT: U.S. Bancorp
Steve Dale, 612-303-0784
SOURCE: U.S. Bancorp