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U.S. Bank Names New Presidents of Corporate Trust Services and Institutional Trust & Custody

MINNEAPOLIS--(BUSINESS WIRE)--April 26, 2007--Bryan R. Calder has been named president of U.S. Bank Corporate Trust Services and Jeffrey J. Kerr has been named president of U.S. Bank Institutional Trust & Custody. Calder and Kerr will report directly to Diane L. Thormodsgard, vice chairman and head of wealth management.

"I am very pleased to have Bryan and Jeff joining the management team for wealth management," said Thormodsgard. "I have worked with them for many years and know the value and experience they bring to the team."

As president of U.S. Bank Corporate Trust Services, Calder will manage the corporate trust services business that has grown to be one of the leading providers of corporate trust and escrow services in the country.

Calder was most recently executive vice president and national manager of the structured finance group in corporate trust at U.S. Bank, which included structured finance, collateralized debt obligations (CDO), document custody services, default administration and tax analytics. Calder joined U.S. Bank in 2002 through the U.S. Bank acquisition of the State Street corporate trust division. While at State Street, Calder served in various managerial roles in corporate trust, with his final role as senior vice president and division executive for corporate trust responsible for management, strategic direction and profitability. Calder has also held management positions with Shawmut Bank, Connecticut National Bank and Morgan Guaranty Trust Company of New York during his career.

Calder is a graduate of the University of Hartford. He and his wife, Pia, live in Hanover, Mass.

As president of U.S. Bank Institutional Trust & Custody, Kerr will manage a business that provides trust, custody, retirement, investment services and health savings accounts to institutional clients through a national network of offices.

Previously, Kerr was senior vice president and national manager of the trust and custody group at U.S. Bank Institutional Trust & Custody. During his nine years with U.S. Bank, Kerr also managed several groups within corporate trust, including structured finance, document custody services and the support services group. Prior to joining U.S. Bank, he worked for Deutsche Bank (formerly Bankers Trust) for ten years managing several groups within institutional trust and custody, including head of U.S. domestic custody operations.

Kerr earned a Master of Business Administration degree from the University of California at Los Angeles and a Bachelor of Science degree in finance from Brigham Young University. He and his wife, Deanna, reside in Eden Prairie, Minn.

U.S. Bancorp (NYSE:USB), with $221 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,498 banking offices and 4,837 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. Bank
             Amy Frantti, Media Relations, 612-303-0733

    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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