CONTACT: Steve Dale - U.S. Bank, (612) 303-0784 Teri Charest - U.S. Bank, (612) 303-0732
Lori Willis - Schnucks, (314) 994-4602
May 25, 2005
U.S. Bank To Join Forces With Schnuck Markets To Become Exclusive In Store Bank Partner In St. Louis Metro Area
ST. LOUIS - U.S. Bancorp's (NYSE: USB) national bank subsidiary, U.S. Bank, has entered into a definitive agreement to become the exclusive in-store banking partner for all 66 Schnuck Markets, Inc. locations in the St. Louis Metro area. As a result of this partnership, U.S. Bank will establish 25 full-service in-store banking locations in selected Schnuck Markets and place ATMs in the other 41 Schnuck Markets to give all 66 stores in the St. Louis Metro area one convenient and customer service focused financial services partner. With the addition of the Schnuck Markets locations, U.S. Bank will have 110 full-service branches and nearly 300 ATMs in the St. Louis Metro area.
"Busy people who like the convenience of one-stop shopping will choose Schnuck Markets and U.S. Bank for their grocery and banking needs," said Joseph Imbs, regional chairman and St. Louis market president for U.S. Bank. "It is the goal of U.S. Bank, the number one bank in town, and Schnuck Markets, `the friendliest stores in town,' to give customers the highest levels of convenience and service. For 142 years U.S. Bank has placed a major emphasis on service quality and personal attention to its customers. These are traits we admire and values that are shared by Schnucks, which also incorporates customer-driven strategies into its day-to-day operations."
The 25 U.S. Bank in-store branches are scheduled to begin opening inside Schnuck Markets in the coming months, with all of the locations being completed by the first quarter of 2006. U.S. Bank is the third-largest in-store branch-banking network in the United States and will have a total of more than 500 in-store branches in 19 states once the Schnuck Markets expansion is complete. The new banking locations inside Schnuck Markets will be U.S. Bank's first in-store locations in the St. Louis Metro area.
"We are always looking for ways to give our customers added value and convenience," commented Craig Schnuck, chairman and chief executive officer of Schnuck Markets, Inc. "This partnership with U.S. Bank will further accommodate the needs of our soon-to-be shared customers. We are delighted that our customers will be able to efficiently and quickly do their shopping and banking all in one high quality location. U.S. Bank is a strong partner and has an outstanding record of being committed to quality customer service."
The 25 U.S. Bank in-store branches will offer a full range of products and services and will be open seven-days-a-week. Each in-store location will also have a full-service ATM. Twenty of the new in-store locations will be in Missouri and include two branches in the City of St. Louis; two in St. Charles; two in Chesterfield; and one in Richmond Heights, Kirkwood, Overland, Jennings, Creve Coeur, Eureka, Des Peres, Cottleville, Lake St. Louis, St. Peters, High Ridge, Arnold, Wentzville and Florissant. The other five in-store locations are in Illinois in the communities of Belleville, Collinsville, Fairview Heights, Edwardsville and Cahokia.
Also, unrelated to the St. Louis agreement, U.S. Bank and Schnucks announced on May 24 that in the coming months a full-service in-store bank would be added to the Schnuck Markets location in Bettendorf, Iowa.
Founded in St. Louis in 1939, Schnuck Markets, Inc. currently operates 103 stores (including five Logli stores) and 97 pharmacies in Missouri, Illinois, Indiana, Wisconsin, Tennessee, Mississippi and Iowa. The family-owned company ranks 94th in the Forbes magazine listing of the nation's "Largest Private Companies."
U.S. Bancorp, with $198 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 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. U.S. Bancorp is home of the Five Star Service Guarantee in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.
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