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U.S. Bancorp Equipment Finance, Inc. Names New Members of Management Team

PORTLAND, Ore., Dec 28, 2005 (BUSINESS WIRE) -- U.S. Bancorp Equipment Finance, Inc. has named Chuck Lietz senior vice president and director of finance, and Richard Brown senior vice president and chief credit officer. Lietz and Brown will operate from Portland, and report to Sal Maglietta, president and chief executive officer of U.S. Bancorp Equipment Finance, Inc.

In his new role, Lietz will have responsibility for finance and accounting, including audit and compliance. "Chuck brings strong leadership abilities and expertise in cash flow management, including GAAP and tax compliance issues. He is a welcome addition to our senior management team," said Maglietta.

Lietz was most recently business office director of Precision Interconnect, a manufacturing division of Tyco International. Prior to that, he was with Tidland Corporation for more than eight years in increasingly responsible financial and managerial accounting functions. He earned his master's degree from Washington State University and his bachelor's degree from the University of Portland.

Brown will oversee the company's credit policies and have responsibility for the management of the company's assets and portfolio. "We are pleased to have attracted someone of Rick's caliber to join our senior management team. He has a strong record managing credit risk and a broad portfolio background in large-corporate lending, including leasing," said Maglietta.

Brown has more than 30 years of experience in the financial services industry concentrating on portfolio management and credit underwriting and process. Most recently he was with Bank of Bermuda, a subsidiary of HSBC as senior vice president/chief credit officer. Prior to that Brown was chief credit officer for UPS Capital Corporation. His experience also includes key positions with Copelco Financial Services Group, First Union National Bank, Fleet Financial Group and First Bank System (now part of U.S. Bank). He earned his bachelor's degree from the University of California at Los Angeles.

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. Visit U.S. Bancorp Equipment Finance, Inc. on the web at www.usbank.com/leasing.

U.S. Bancorp Equipment Finance, Inc. is part of U.S. Bancorp (NYSE:USB). With $207 billion in assets, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,411 bank offices and 4,999 ATMs, 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 www.usbank.com.

SOURCE: U.S. Bancorp

U.S. Bancorp Media Relations
Teri Charest, 612-303-0732
"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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