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U.S. Bank to Acquire the Municipal and Corporate Bond Trustee Business from SunTrust

MINNEAPOLIS--(BUSINESS WIRE)--July 25, 2006--U.S. Bancorp (NYSE:USB) announced today that its lead bank, U.S. Bank National Association, has entered into a definitive agreement to purchase the municipal and corporate bond trustee business of SunTrust Banks, Inc. (NYSE:STI). As a result of this transaction, U.S. Bank Corporate Trust Services will acquire approximately 4,700 new client issuances and assets under administration of $123 billion represented by principal outstanding.

Diane Thormodsgard, president of U.S. Bank Corporate Trust and Institutional Trust & Custody Services, commented, "This acquisition complements U.S. Bank's existing corporate trust business and will strengthen our competitive position by increasing our existing scale and leveraging our industry leading technology and operational platforms. Also, this further solidifies the U.S. Bank position as the number one trustee for new tax-exempt debt issuances, as a top tier corporate trust provider nationally, and as a leading corporate trust provider in the Southeast. The U.S. Bank team will work with SunTrust to ensure continued quality service and a seamless transition for the customers."

Upon completion of this transaction, U.S. Bank's corporate trust division will have $2.5 trillion in assets under administration, 716,000 bondholders and more than 92,000 client issuances. This transaction gives U.S. Bank's corporate trust division a new location in Orlando, Fla., and enhances its current offices in Atlanta; Miami; Nashville, Tenn.; and Richmond, Va.

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 SunTrust utilize similar technology platforms and employ many of the same key vendors. Following the receipt of regulatory clearances and consummation of the transaction, U.S. Bank is committed to providing its new customers with the same high level of quality services that current U.S. Bank corporate trust customers have come to expect.

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 and asset-backed and mortgage-backed securities.

U.S. Bank currently has 44 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. Bancorp, with assets of $213 billion, is the 6th largest financial holding company in the United States. The company operates 2,434 bank offices and 4,966 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.

Forward-Looking Statements

The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These statements often include the words "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including changes in general business and economic conditions, changes in interest rates, legal and regulatory developments, increased competition from both banks and non-banks, changes in customer behavior and preferences, effects of mergers and acquisitions and related integration, and effects of critical accounting policies and judgments. For discussion of these and other risks that may cause actual results to differ from expectations, refer to U.S. Bancorp's Annual Report on Form 10-K for the year ended December 31, 2005, on file with the SEC, for example the sections entitled "Risk Factors" and "Corporate Risk Profile." Forward-looking statements speak only as of the date they are made, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

CONTACT: U.S. Bancorp, Minneapolis
Media:
Steve Dale, 612-303-0784
Amy Frantti, 612-303-0733
OR
Investor Relations:
Judith Murphy, 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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