News Release - US Bank

News Release
CONTACT: Steve Dale H.D. McCullough
U.S. Bancorp Media Relations U.S. Bancorp Investor Relations
(612) 303-0784 (612) 303-0786
U.S. BANK ACQUIRES GENPASS, INC., EXPANDS PAYMENT
PROCESSING AND ATM SERVICES TO CLIENTS
MINNEAPOLIS and IRVING, Texas (May 10, 2005) – U.S. Bank, a subsidiary of U.S.
Bancorp (NYSE: USB), has purchased Genpass, Inc. and its subsidiaries. This transaction
makes U.S. Bank the nation’s second-largest, third-party ATM processor, in addition to
having the second-largest bank owned ATM network in the country.
Genpass is a leading provider of electronic funds transfer (EFT), automated teller machine
(ATM) and debit processing services to financial institutions and other clients and owner of
the MoneyPass, MoneyMaker and MONEY BELT ATM networks. Approximately 350
Genpass employees will become employees of U.S. Bank as part of the acquisition.
Financial terms of the agreement were not disclosed.
This acquisition brings together two leaders in the payment services industry with
complementary products and services including: ATM processing, debit card processing,
agent bank credit card programs and merchant processing solutions.
“This transaction makes U.S. Bank a leader in every major payment processing business and
creates a foundation for future growth,” said Pamela Joseph, vice chairman of U.S. Bancorp,
who leads the company’s payment services businesses. “U.S. Bank has a long history of
innovation and growth in the payment services industry and the acquisition of Genpass
affirms our commitment to grow all aspects of the payments business. U.S. Bank brings
scale, capital, expertise, and new products to the Genpass customer base, while maintaining
the highest commitments to quality.”
The Irving, Texas processing location and operating platform of Genpass will be retained in
order to take full advantage of its industry leading technology and ensure continuity for
Genpass clients.
“Genpass has grown rapidly to become the second largest ATM processor in the United
States and is also the owner of MoneyPass, one of the largest ‘open’ surcharge free networks
in the United States,” said Janet Estep, executive vice president for U.S. Bank Transaction
Services, and manager of the Elan Financial Services business unit. “Genpass customers will
continue to benefit from the high level of customer service, excellent products and
technology delivered by Genpass, and U.S. Bank will bring new capabilities from our
processing businesses as well as additional products through our correspondent banking
division.”

U.S. Bank Purchases Genpass, Inc. and subsidiaries – Page 2
U.S. Bank, through Elan Financial Services, has more than 35 years experience in providing
payment products and services to financial institutions.
Genpass, founded in 2000, is one of the largest EFT service providers in the United States.
Genpass operates the MoneyPass, Moneymaker and MONEY BELT EFT Networks. Four
operating divisions provide end-to-end EFT network and processing solutions to clients
throughout the country. Genpass offers a full array of the most technologically advanced
traditional EFT product offerings including: ATM driving and monitoring services; cash
management and prediction services; EFT transaction processing services; cardholder
authorization processing services; settlement, reporting and reconcilement services; card
services; and full service advanced ATM support. Also, Genpass is the only EFT Network to
offer ATM maintenance services through the Service Solutions division.
Elan Financial Services supports more than 7,700 ATMs, 15 million ATM/POS cards, and
two million credit cardholders with a complete range of products and services including
credit card issuing, ATM, debit card, and merchant processing. Elan offers a full range of
ATM services to financial institutions and, independent sales organizations including
authorization processing, terminal driving and switching services. These are conducted
through a wide array of network options with all the necessary card management and support
functions creating an easy to manage card program for financial institutions. Elan also
provides membership in the Fastbank ATM network, which includes deposit-sharing ATM
locations and Fastbank Free, the surcharge-free option. The more than 2,500 clients of Elan
enjoy full-service support and management tools, which are secured with a unique Service
Guarantee. For more information call 1-800-343-7064 or visit elanfinancialservices.com.
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. Visit U.S. Bancorp on the web at usbank.com.
# # #