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U.S. Bank Opens Foreign Exchange Office in Downtown Los Angeles

LOS ANGELES--(BUSINESS WIRE)--Jan. 3, 2006--(NYSE:USB) As part of its ever-growing presence in and commitment to California, U.S. Bank has opened a foreign exchange office in downtown Los Angeles, and hired two California natives and foreign exchange experts to lead the business.

Carmen Sifrig and Ed Richmond joined U.S. Bank from Wells Fargo and Bank of America, respectively. Both have nearly 20 years of experience in the financial services industry and will provide foreign exchange services to clients in southern California. Richmond covers a territory including Los Angeles, San Fernando Valley, the entertainment industry and central California, and Sifrig covers Orange County, San Diego and the Inland Empire.

"Our business is one in which our customers expect intelligent, sophisticated professionals who can understand their foreign exchange needs and quickly offer customized solutions," said Tim Shafer, national foreign exchange sales manager at U.S. Bank. "Carmen and Ed bring that talent and sophistication to the table and are tremendous assets to our customers in central and southern California."

The new office, which will add a third foreign exchange professional in the coming months, complements the foreign exchange services that U.S. Bank has offered for decades through its foreign exchange offices in Milwaukee, St. Louis, Minneapolis, Portland and Seattle. In addition to providing highly competitive prices, U.S. Bank provides expertise on all major and minor currencies, as well as most exotic currencies. For companies that wish to mitigate foreign currency risk, U.S. Bank works directly with them to develop customized foreign exchange hedging solutions that can be as simple as forward contracts or as complex as structured currency options.

"We recognize each company's foreign exchange exposure is unique, and therefore, so is the risk management solution. We work closely with them to quickly assess their needs and their risk tolerance, and offer them various alternatives so they can choose the strategy that is best for them," said Sifrig.

Sifrig earned a bachelor's degree in accounting from California State Polytechnic University in Pomona, Calif., where she also serves on the university's annual fund advisory board. Richmond earned a bachelor's degree in finance from Santa Clara University and an MBA in international finance from the University of Southern California. Both are native Californians. Richmond currently lives in La Canada, Calif., and Sifrig lives in La Verne, Calif.

Richmond and Sifrig will be based at U.S. Bank Tower in downtown Los Angeles. Richmond can be reached at 866-219-9618 or by email at ed.richmond@usbank.com and Sifrig at 800-854-3440 email carmen.sifrig@usbank.com.

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB). U.S. Bancorp has 331 offices and 3,469 employees throughout the state, nearly triple the branches and employees it had in California in 2000. With $207 billion in assets, U.S. Bancorp 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. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank 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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