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U.S. Bank Completes Acquisition of the Corporate Trust and Institutional Custody Businesses from Wachovia

MINNEAPOLIS--(BUSINESS WIRE)--Jan. 9, 2006--U.S. Bancorp (NYSE:USB) announced today that its lead bank, U.S. Bank, N.A., completed the purchase of the corporate trust and institutional custody businesses of Wachovia Corporation (NYSE:WB) on December 30, 2005. As a result of this transaction, U.S. Bank Corporate Trust Services has acquired approximately 14,100 new client issuances and $410 billion in assets under administration, and U.S. Bank Institutional Trust & Custody has acquired approximately 1,700 new clients and $570 billion in assets under administration.

As previously announced, this transaction clearly affirms U.S. Bank as a leader in the corporate trust industry - the largest trustee in the area of tax-exempt debt, the second largest in the area of asset-backed and mortgage-backed securities, and the third largest in new corporate bond issuances. The acquisition of the institutional custody business provides U.S. Bank with significant scale and makes U.S. Bank the ninth-largest institutional custody provider.

Under the terms of the agreement, the transaction had a $720 million initial cash purchase price with up to an additional $80 million payable within one year based on business retention levels. The transaction enhances the corporate trust offices in six current locations, and adds 19 new corporate trust offices and institutional custody offices primarily in the mid-Atlantic and southeastern states.

With U.S. Bank's history of successful mergers, the company is committed to ensuring a smooth transition. Conversion and integration risks are minimized since U.S. Bank and Wachovia utilize similar technology platforms and employ many of the same key vendors. U.S. Bank is committed to providing Wachovia customers with the same high level of quality services that current U.S. Bank corporate trust and institutional custody customers have come to expect.

U.S. Bank currently has 31 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank serves as trustee and paying agent for the issuance of taxable and non-taxable securities, including the review of documents and indentures, registration, and authentication of bonds, receipts and disbursement of bond sale proceeds, successor trusteeships, escrow account services and transfer and paying agency services. Also, U.S. Bank provides mortgage-backed and asset-backed securitizations, money market paying agency services, bond and tax administration and document custody services.

U.S. Bank currently has 36 institutional trust & custody offices in 24 states focusing on trust and custody services, retirement, investment and health savings accounts for institutional clients. Its product offerings include retirement plans (401(k), profit sharing or money purchase pension plans and defined benefit), institutional trust and custody, master trust services and health savings accounts.

U.S. Bancorp, with assets of $207 billion, 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 the 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 .

CONTACT: U.S. Bancorp
Steve Dale (Media Relations), 612-303-0784
Judith Murphy (Investor Relations), 612-303-0783

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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