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U.S. Bank to Acquire the Municipal Trustee Business from LaSalle Bank

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 10, 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 bond trustee business of LaSalle Bank National Association, the United States subsidiary of ABN AMRO Bank N.V. (NYSE:ABN). As a result of this transaction, U.S. Bank Corporate Trust Services will acquire approximately 2,875 new client issuances and assets under administration of $30 billion represented by principal outstanding.

Diane Thormodsgard, president of U.S. Bank Corporate Trust and Institutional Trust & Custody, commented, "This acquisition complements U.S. Bank's existing corporate trust business in Michigan and throughout Illinois and will strengthen the U.S. Bank position as the number one trustee for new tax-exempt debt issuances in the nation. The U.S. Bank team will work with LaSalle Bank personnel 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, 725,000 bondholders and more than 95,500 client issuances. This transaction enhances U.S. Bank's corporate trust presence in the Midwest.

Daniel Reisner, president of U.S. Bank's Chicago region, said, "This investment is indicative of U.S. Bank's commitment to the city of Chicago and state of Illinois. We continue to grow in this market, winning over individuals as well as companies both large and small, by focusing on providing outstanding customer service and the latest in financial technology."

With U.S. Bank's history of successful mergers, the company is committed to ensuring a smooth transition. 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 45 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 $217 billion, is the 6th largest financial holding company in the United States. The company operates 2,462 banking offices and 4,943 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. Bank Media Relations
Steve Dale, 612-303-0784
OR
U.S. Bank 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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