U.S. Bancorp Names John C. Stern Corporate Treasurer

Kenneth D. Nelson Announces His Retirement

MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) announced today that John C. Stern will succeed Kenneth D. Nelson as corporate treasurer, effective July 1, 2013. Nelson, who has served as executive vice president and corporate treasurer since 2008, has announced his retirement.

“I want to thank Ken for his many years of service to our Company”

Stern, 34, is currently senior vice president and manager of corporate funding and derivatives and has been in that group since 2002. Stern joined the bank in 2000.

“I want to thank Ken for his many years of service to our Company,” said Andy Cecere, vice chairman and chief financial officer of U.S. Bancorp. “Ken’s dedication, hard work and leadership significantly contributed to our Company’s ability to successfully navigate through one of the most challenging economic environments our industry has ever experienced.”

“John has been a valuable member of the Treasury team for 12 years,” continued Cecere. “His knowledge, experience and leadership skills make him an excellent choice for the position of corporate treasurer, and I look forward to partnering with him over the coming years.”

Nelson, 60, has been with U.S. Bancorp since 1984. Nelson holds a bachelor’s degree in business administration and economics from Mankato State University and his MBA from the University of St. Thomas.

Stern earned his bachelor’s degree in business from the Carlson School of Management at the University of Minnesota and his MBA from the University of St. Thomas. He resides in Minneapolis and is married with 3 children.

Minneapolis-based U.S. Bancorp, with $354 billion in assets as of December 31, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The company operates 3,084 banking offices in 25 states and 5,065 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.