Company Profile For U.S. Bancorp

U.S. Bancorp operates as a financial holding company and a bank holding company. U.S. Bancorp provides a range of financial services, including lending and depository services, cash management, foreign exchange, and trust and investment management services. It also engages in credit card services, merchant and Automated Teller Machine (ATM) processing, mortgage banking, insurance, brokerage and leasing. U.S. Bancorp’s banking subsidiaries are engaged in the general banking business, principally in domestic markets. The subsidiaries provide a range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. The Company operates in five segments: Wholesale Banking, Consumer Banking, Wealth Management & Securities Services, Payment Services, and Treasury and Corporate Support. On November 21, 2008, the Company acquired the banking operations of Downey Savings & Loan Association, F.A. and PFF Bank & Trust.

BRIEF: For the nine months ended 30 September 2009, U.S. Bancorp's interest income decreased 8% to $8.56B. Net interest income after LLP decreased 46% to $2.04B. Net income applicable to Common decreased 52% to $1.22B. Net interest income reflects a decrease in interest from loans and higher provision for credit losses. Net income also reflects increased employee benefits expenses and higher net occupancy & equipment expenses.