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U.S. BANK PLEDGES TO ACCEPT REGISTERED WARRANTS

 U.S. BANK PLEDGES TO ACCEPT REGISTERED WARRANTS
 SACRAMENTO, Calif., June 29 /PRNewswire/ -- U.S. Bank today


announced it will immediately accept registered warrants that the State of California plans to issue in lieu of regular payment methods, beginning this week. U.S. Bank will accept the I.O.U.s at their full face value upon presentation.
 "We realize that our customers have obligations to meet," said Dan Doyle, executive vice president and manager of commercial banking services for U.S. Bank. "They are caught in the middle of this situation and U.S. Bank is committed to supporting our customers' immediate financial needs."
 U.S. Bank customers may submit their endorsed warrants to their local U.S. Bank branch following standard deposit procedures with the exception of customers that bank by direct deposit. Automatic payroll deposit will be terminated by the state during the period that the registered warrants are issued. U.S. Bank customers should contact their local branch manager for further instructions and information.
 "We will work with all of our customers who are potential recipients of the registered warrants including not only state employees, but vendors and merchants who may also be affected," said Doyle. "As long as it is economically feasible," pledged Doyle, "U.S. Bank will accept the state-issued registered warrants for our customers in exchange for immediate use of those funds."
 Whether California issues I.O.U.s is contingent on the Legislature and the Governor passing the state's budget by midnight tomorrow, June 30. If the budget is not passed, it is anticipated that the state will issue the registered warrants as payment for current obligations.
 A registered warrant, commonly referred to as an I.O.U., is a voucher issued by the controller's office that is not immediately redeemable by the treasurer's office. The recipient must hold the warrant 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, which provides a large range of commercial and retail financial services in 42 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 $18.9 billion as of March 31, 1992. Other U.S. Bancorp subsidiaries include U.S. Bank of Oregon and U.S. Bank of Washington.
 -0- 6/29/92
 /CONTACT: Rick Jensen of U.S. Bank, 916-889-6360/
 (USBC) CO: U.S. Bank ST: California IN: FIN SU:


MM-MC -- SF009 -- 4951 06/29/92 18:11 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
Words:448
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