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U.S. BANK OUTLINES PLANS FOR REGISTERED WARRANTS

 U.S. BANK OUTLINES PLANS FOR REGISTERED WARRANTS
 AUBURN, Calif., Aug. 21 /PRNewswire/ -- U.S. Bank today announced it


will continue to accept the state-issued registered warrants, commonly referred to as IOUs, at branch offices in California, Washington and Oregon.
 "While there have been a number of banks that have stopped accepting IOUs, we want to clarify that U.S. Bank will continue to accept IOUs for our current customers," said Dan Doyle, executive vice president and manager of commercial banking for U.S. Bank.
 "While we hope that the state approves a budget soon, we are sympathetic to the inconvenience this budget crisis imposes on our customers," said Doyle.
 U.S. Bank will continue to monitor the state budget situation and accept the IOUs as long as it is economically appropriate. U.S. Bank customers should contact their local branch manager for further instructions and information.
 A registered warrant is a draft issued by the State of California controller's office. Unlike warrants usually issued by the state, these registered warrants are not redeemable by the treasurer's office until the state's 1992/93 budget is approved. Consequently, these warrants must be held until called for by the state at which time the warrant will be redeemed in sequential order of issuance.
 U.S. Bank of California is a subsidiary of U.S. Bancorp (NASDAQ: USBC) which provides a large range of commercial and retail financial services in 41 branches located throughout the 29 counties of Northern California. The largest financial services company headquartered in the Northwest, U.S. Bancorp is a consistent performer among the top 50 banks in the country. U.S. Bancorp has assets of $19.3 billion as of June 30, 1992. Other U.S. Bancorp subsidiaries include U.S. Bank of Oregon and U.S. Bank of Washington.
 -0- 8/21/92
 /CONTACT: Dan Doyle, 916-552-5680, or Rick Jensen, 916-889-6360, both of U.S. Bank/
 (USBC) CO: U.S. Bancorp ST: California IN: FIN SU:


RM -- SF004 -- 2227 08/21/92 15:22 EDT
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Publication:PR Newswire
Date:Aug 21, 1992
Words:338
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