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U.S. Bank Taps Timothy Shafer to Lead Foreign Exchange Department

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 28, 2007--U.S. Bank has promoted Timothy Shafer to senior vice president and head of its foreign exchange department. He succeeds Pat Noble, who retired after 32 years with the company.

Shafer, 45, has been with U.S. Bank since 2004. Prior to this promotion, he managed the foreign exchange sales group for U.S. Bank, with teams in Minneapolis, St. Louis, Milwaukee, Seattle, Portland and Los Angeles. Prior to joining U.S. Bank, he worked for Bank One (now JP Morgan Chase) where he served in the foreign exchange group for nearly 20 years, culminating in his role as national middle market sales manager. He has 22 years of experience in the industry, with special expertise in foreign exchange sales, trading and international credit.

Shafer will oversee a team of 26 foreign exchange professionals offering a full line of foreign exchange risk management products. Among them are inter-bank trading, currency options and foreign exchange sales and advisory services.

"I am delighted for Tim to have this opportunity to take the leadership reigns for our foreign exchange business," said Dennis Battles, executive vice president in U.S. Bank Corporate Banking. "He has consistently out-performed in his sales management role which, along with his depth of experience, puts him in a unique position to take us to the next level of success in this business."

Shafer earned a bachelor's degree in business administration from Bowling Green State University in Bowling Green, Ohio, and has completed coursework in European business and culture at Ecole Superieure du Commerce de Nantes in Nantes, France. A native of Mt. Vernon, Ohio, Shafer now lives in Minneapolis.

U.S. Bancorp (NYSE:USB), with $219 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,472 banking offices and 4,841 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.


    CONTACT: U.S. Bank
             Teri Charest, Media Relations, 612-303-0732
             teri.charest@usbank.com

    SOURCE: U.S. Bank
"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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