MINNEAPOLIS, Nov 08, 2011 (BUSINESS WIRE) — The U.S. Department of Energy's National Nuclear Security Administration (NNSA) has signed a letter of intent to implement U.S. Bank Transportation Solutions for billing and payment of freight shipments.
"We welcome NNSA to the growing group of federal agencies choosing U.S. Bank's freight payment network to cut costs, enhance efficiency and save taxpayer dollars," said Doug Ichiuji, senior vice president, U.S. Bank Government Services. "The list already includes the Departments of Defense, State, Homeland Security, and Health and Human Services. We continue to transform payment processing with the most effective collaboration, financial supply chain visibility and business intelligence tools available."
Last year, the Defense Department alone processed freight payments of $3.5 billion and household goods payments of $2 billion through U.S. Bank Transportation Solutions. The resultant savings to U.S. taxpayers rose into the millions.
"Beyond innovative products and superior customer service, U.S. Bank provides a strong and reliable financial partner," Ichiuji added. "Our financial performance remains among the best in the industry. It comes from a disciplined approach to credit and risk management and continued investment in products and services that meet the needs of our customers."
U.S. Bancorp (NYSE: USB), with $330 billion in assets as of Sept. 30, 2011, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,089 banking offices in 25 states and 5,092 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
SOURCE: U.S. Bank
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.