(Source: Business Wire)U.S. Bancorp (NYSE: USB) and BB&T Corporation (NYSE: BBT) announced today the signing of a definitive agreement for U.S. Bank National Association, U.S. Bancorp's lead bank, to purchase approximately $800 million in deposits and certain branch locations of BB&T's Nevada banking operations. This acquisition includes the deposits of branches located in the Las Vegas-Paradise market, Reno-Sparks market and the Northern Nevada markets of Carson City, Fallon and Gardnerville Ranchos, that BB&T recently acquired from the Federal Deposit Insurance Corporation (FDIC) as receiver for Colonial Bank.

Rick Hartnack, vice chairman of consumer banking for U.S. Bancorp, commented, "This transaction will strengthen our geographic footprint in Nevada. This transaction is well-timed, as we have now completed the highly successful integration of Downey Savings & Loan, PFF Bank & Trust and the First Bank of Idaho branch locations, all recent FDIC-assisted transactions. As we continue to widen and enhance our distribution network in our Nevada markets, this purchase presents a great opportunity for us to deepen customer relationships by offering U.S. Bank's extensive mix of products and services to our new customers, while providing the convenience of additional ATM and branch locations to both new and existing clients."

Terms of the transaction were not disclosed. This acquisition is expected to meet or exceed U.S. Bancorp's internal financial hurdles for internal rate of return and earnings per share accretion. This transaction is subject to regulatory approval and is anticipated to close in early 2010.

At June 30, Winston-Salem, N.C.-based BB&T Corporation had $152.4 billion in assets and was the nation's 11th largest financial holding company. Founded in 1872, BB&T operates more than 1,800 financial centers in 13 states and Washington, D.C. More information about the company is available at BBT.com.

U.S. Bancorp, with $266 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,850 banking offices and 5,173 ATMs in 24 states, 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.

Forward-Looking Statements

The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements about U.S. Bancorp.