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U.S. Bank and Sierra Trading Post Partner to Offer Rewarding New Credit Card

CHEYENNE, Wyo. & MINNEAPOLIS--(BUSINESS WIRE)--May 17, 2006--U.S. Bank and Sierra Trading Post, a direct marketer offering name brands at 35 to 70 percent off, have partnered to offer customers the Sierra Trading Post Rewards Visa Platinum Card, with which they can earn points toward Sierra Trading Post Rewards Gift Cards.

Sierra Trading Post Rewards Visa Platinum Cardmembers earn three Specialty Rewards points for every $1 spent in net purchases from Sierra Trading Post catalogs, retail outlets and online at www.SierraTradingPost.com. They also earn one point for every $1 spent in net purchases where ever Visa is accepted.

Cardmembers will automatically receive a $25 Sierra Trading Post Rewards Gift Card for every 2,500 points earned. Plus, new Cardmembers will receive a 1,000-point bonus when they make their first purchase. Sierra Trading Post Rewards Gift Cards are redeemable towards merchandise, clothing and more at Sierra Trading Post and www.SierraTradingPost.com.

"We're excited to have a vibrant and popular partner such as Sierra Trading Post," said Rob Morris, senior vice president of co-branded cards at U.S. Bank. "We're confident that our program will be rewarding to our customers and theirs."

"We have a long-standing affiliation with U.S. Bank, and this partnership promises to strengthen that relationship, as well as build stronger ties with our valued customers," said Gary Imig, executive vice president of Sierra Trading Post.

Sierra Trading Post was founded in 1986 in Reno, Nev. The company purchases name-brand overstocks and closeouts and passes the savings on to its customers who appreciate the values on dress, casual and outdoor clothing, footwear, home furnishings, accessories, and gear. Today, the company has three retail stores in Reno, Nev., Cheyenne and Cody, Wyo., with a fourth store coming soon to Boise, Idaho, and two customer service call centers in Cheyenne and Cody. Their corporate facilities in Cheyenne, Wyo., total about 500,000 square feet with 60 acres for future expansion. Sierra Trading Post employs more than 700 people and has more than two million active customers. For more information, visit www.SierraTradingPost.com.

U.S. Bancorp (NYSE: USB), with assets of $210 billion, is the 6th largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 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 parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

Teri Charest, 612-303-0732
Sierra Trading Post
Chari Larue, 307-775-8020


"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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