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U.S. BANCORP ANNOUNCES DIVESTITURE OF CORPORATE TRUST SERVICES

 U.S. BANCORP ANNOUNCES DIVESTITURE OF CORPORATE TRUST SERVICES
 PORTLAND, Ore., Sept. 25 /PRNewswire/ -- United States National Bank of Oregon and U.S. Bank of Washington, National Association, both subsidiaries of U.S. Bancorp (NASDAQ: USBC), today announced that they are selling the Corporate Trust Departments of their individual Trust Divisions to First Bank System Inc. (NYSE: FBS). The transaction is subject to regulatory approvals.
 The Corporate Trust departments provide trust services for taxable and tax-exempt bond issues and agency relationship services such as paying agent, registrar and escrow agent to municipal bond issuers. These departments currently serve nearly 400 clients.
 "The Personal Trust and Employee Benefit areas of our Trust Groups have long been the focus of our energies and attention," stated Sam Schuster, senior vice president in U.S. Bancorp's Investor Services Group. "Although we've provided Corporate Trust services to accommodate our business clients in the past, we looked at this business and felt that it was no longer consistent with our long-term strategies.
 "Personal Trust and Employee Benefit services will continue to be provided through our regional Trust Administration Centers in Portland, Seattle, Eugene, Spokane and Sacramento," said Schuster. "These rapidly growing segments are very important to us and are a major component of our long-range planning."
 All First Bank trust activities are coordinated through their subsidiary, First Trust, the largest trust company in the upper midwest and a well-respected provider of corporate trust services with extensive experience in providing trust services on a multi-state basis. At year end 1991, First Bank administered debt instruments for public and private clients representing an aggregate principal amount over $55 billion.
 U.S. Bancorp's Corporate Trust Department currently has 35 employees. It is expected that some of these people will be hired by First Bank System. All employees will have the opportunity to apply for other jobs in the U.S. Bancorp system and will be given priority status for jobs for which they are qualified.
 U.S. Bancorp is the largest financial services company headquartered in the Northwest, with assets of $19.3 billion as of June 30, 1992. Subsidiaries include U.S. Bank of Oregon; U.S. Bank of Washington; U.S. Bank of California; and U.S. Bank of Nevada. Other financial services businesses include U.S. Bancorp Capital Markets, U.S. Bancorp Real Estate Services and U.S. Bancorp Investor Services.
 -0- 9/25/92
 /CONTACT: Mary Ruble of U.S. Bancorp, 503-275-6200/
 (USBC FBS) CO: U.S. Bancorp; First Bank System Inc.; United States National Bank
 of Oregon; U.S. Bank of Washington ST: Oregon IN: FIN SU:


LM-SF -- SE001 -- 3417 09/25/92 09:15 EDT
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Publication:PR Newswire
Date:Sep 25, 1992
Words:442
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