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U.S. Bancorp Promotes Diane Thormodsgard to Vice Chairman and Head of Wealth Management

MINNEAPOLIS--(BUSINESS WIRE)--April 16, 2007--Diane L. Thormodsgard has been named vice chairman and head of wealth management at U.S. Bancorp. Thormodsgard, who has been with U.S. Bancorp since 1978, will report directly to Richard K. Davis, president and chief executive officer of U.S. Bancorp, and serve as a member of the organization's management committee.

"I am very pleased to welcome Diane as a permanent member of our senior management team," commented Davis. "She has nearly 30 years of financial service experience and has an extensive and impressive record of exceptional performance, having orchestrated some of the largest corporate trust acquisitions in the history of the industry."

Thormodsgard, 56, most recently served as the interim manager of wealth management, a position she assumed after Andrew Cecere was named chief financial officer for U.S. Bancorp on February 27, 2007.

As head of wealth management, Thormodsgard will be responsible for corporate trust, institutional trust and custody, private client group, trust technology and support services, private asset management, U.S. Bancorp Fund Services LLC, U.S. Bancorp Investments, U.S. Bancorp Insurance Services LLC, First American Funds and FAF Advisors.

Prior to her interim position, Thormodsgard was president of corporate trust and institutional trust and custody services at U.S. Bancorp, where she managed the corporate trust services business, which is a leading provider of corporate trust and escrow services in the country. She also managed institutional trust and custody services, which offers retirement, custody, investment services and health savings accounts to institutional clients through its national network of offices.

Thormodsgard has also managed finance, operations and administrative functions for the company and its predecessors, including chief administrative officer and senior vice president for corporate trust services, senior vice president of regional community banking, and chief administrative officer and treasurer for First Bank System Mortgage Corporation.

Thormodsgard serves on the boards of the St. Paul Chamber of Commerce, St. Paul Chamber Orchestra, Minnesota Church Foundation, and Central Corridor Partnership. She is also a member of the Lutheran Social Services Finance Committee, Minnesota Society of Certified Public Accountants and American Institute of Certified Public Accountants. Thormodsgard has twice been honored by U.S. Banker magazine in its prestigious annual profile of the "Most Powerful Women in Banking."

Thormodsgard earned a Masters of Business Administration from the University of Minnesota and a Bachelor of Arts degree in mathematics, economics, and accounting from Luther College in Decorah, Iowa. She resides in Plymouth, Minn., with her husband.

U.S. Bancorp (NYSE:USB), with $219 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank 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 www.usbank.com.


    CONTACT: U.S. Bancorp
             Steve Dale, Media Relations, 612-303-0784
             Teri Charest, Media Relations, 612-303-0732

    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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