Exhibit 99.1
         
(USBANCORP LOGO)   News Release
  Contacts:    
  Steve Dale   Judith T. Murphy
  Media   Investors/Analysts
  (612) 303-0784   (612) 303-0783
U.S. BANCORP REPORTS NET INCOME
FOR THE FOURTH QUARTER OF 2010
Achieves Record Total Net Revenue of $4.7 Billion
          MINNEAPOLIS, January 19, 2011
U.S. Bancorp (NYSE: USB) today reported net income of $974 million for the fourth quarter of 2010, or $.49 per diluted common share. Earnings for the fourth quarter of 2010 were driven by record total net revenue of $4.7 billion. Included in the fourth quarter of 2010 results was a $103 million gain ($41 million after tax) from the exchange of the long-term asset management business of FAF Advisors, Inc., an affiliate of the Company, for an equity interest in Nuveen Investments and cash consideration (“Nuveen Gain”). Additional significant items included a provision for credit losses lower than net charge-offs by $25 million and net securities losses of $14 million. In total, these items increased fourth quarter 2010 diluted earnings per common share by $.03. Highlights for the fourth quarter of 2010 included:
  Ø    Strong new lending activity of $65.6 billion during the fourth quarter, the highest level reported since before the fourth quarter of 2008, including:
  §   $16.0 billion of new commercial and commercial real estate commitments
 
  §   $21.5 billion of commercial and commercial real estate commitment renewals
 
  §   $2.0 billion of lines related to new credit card accounts
 
  §   $26.1 billion of mortgage and other retail originations
 
  §   $203.2 billion of new lending activity for the full year, 9.9 percent higher than 2009
  Ø    Average total loan growth of 2.0 percent (.9 percent excluding acquisitions) over the fourth quarter of 2009
  §   Average total loan growth of 1.5 percent over the third quarter of 2010
 
  §   Average total commercial loan growth of 2.0 percent over the prior quarter
  Ø    Significant growth in average deposits of 5.2 percent (5.1 percent excluding acquisitions) over the fourth quarter of 2009, including:

 


The following information was filed by Us Bancorp De (USB) on Wednesday, January 19, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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