KENTUCKY: U.S. BANK HOME MORTGAGE TO EXPAND IN OWENSBORO

(The following is a reformatted version of a press release
issued by The Commonwealth of Kentucky, Office of the Governor
and received via electronic mail. The release was confirmed by
the sender.) 
Gov. Beshear Announces U.S. Bank Home Mortgage To Expand in
Owensboro; Adds New Facility and 332 Jobs 
Mortgage service center to invest more than $15.2 million in the
Commonwealth 
FRANKFORT, Ky. (March 1, 2013) - Governor Steve Beshear today
announced U.S. Bank, a subsidiary of U.S. Bancorp (NYSE: USB),
plans to expand its mortgage operations in Owensboro by adding a
new facility and 332 jobs with an investment of more than $15.2
million. 
“Simply put, this is a victory not only for the Commonwealth,
but also for Owensboro and for U.S. Bank,” said Gov. Beshear.
“U.S. Bank plans to add 332 employees and invest more than $15.2
million in this expansion. This project proves how successful
this area has been for this respected institution and shows U.S.
Bank’s commitment to a promising future here in Kentucky.” 
U.S. Bank is the fifth-largest bank in the United States, with
3,084 branches in 25 states, and 40 U.S. Bank Home Mortgage
production offices nationwide. The new office brings the total
number of U.S. Bank Home Mortgage operations centers in
Owensboro to six. 
The service centers support U.S. Bank’s portfolio of more than
1.6 million mortgage loans that total approximately $266 billion
in balances. The expansion in Owensboro will meet increased
demand for U.S. Bank’s mortgage services. 
“U.S. Bank first opened a mortgage servicing center in Owensboro
in the late ‘70s,” said Bob Smiley, executive vice president and
head of servicing for U.S. Bank Home Mortgage. “Since then,
we’ve grown to nearly 1,900 employees in Owensboro. In 2011, we
announced that we would be adding 500 jobs to the community. Our
mortgage company has added $31 billion in outstanding balances
and 163,000 new customers over the past 12 months, which has
prompted us to make the additional investments Gov. Beshear
announced today and grow our servicing capacity.” 
To encourage the investment and job growth in Owensboro, the
Kentucky Economic Development Finance Authority (KEDFA)
preliminarily approved the company for tax incentives up to
$2,875,000 through the Kentucky Business Investment program. The
performance-based incentive allows a company to keep a portion
of its investment over the term of the agreement through
corporate income tax credits and wage assessments by meeting job
and investment targets. 
KEDFA also approved U.S. Bank for tax benefits up to $125,000
through the Kentucky Enterprise Initiative Act, which allows
approved companies to recoup Kentucky sales and use tax on
construction costs, building fixtures, equipment used in
research and development and electronic processing equipment. 
“I am thrilled with the expansion of U.S. Bank in the area,”
said Sen. Joe Bowen, of Owensboro. “Owensboro is making its mark
with many industries, and I welcome the growth of our financial
services.” 
“I want to thank U.S. Bank for deciding to make such a major
investment and to add so many new jobs to our area,” said Rep.
John Arnold Jr., of Sturgis. “I also appreciate the work our
local and state officials have done to help make this possible.
This is definitely great news.”
“The economic partnership the city of Owensboro has found in
U.S. Bank has been a great success,” said Owensboro Mayor Ron
Payne. “U.S. Bank has contributed to a 70 percent increase in
Owensboro’s GDP in the financial sector, jumping from $400
million prior to the growth of U.S. Bank to more than $680
million recently. This third expansion will create approximately
330 more jobs within the city. Owensboro is proud to support
this employer as they continue to thrive.”
“Daviess County Fiscal Court is pleased to see the expansion of
U.S. Bank at its Mid America Air Park location,” said Daviess
County Judge-Executive Al Mattingly. “The 330 new jobs will
provide employment for the Owensboro-Daviess County community,
and the expansion is an encouraging sign of continued economic
recovery.” 
For more information on U.S. Bank, visit www.usbank.com. 
Information on Kentucky’s economic development efforts and
programs is available at www.ThinkKentucky.com. Fans of the
Cabinet for Economic Development can also join the discussion on
Facebook at www.Facebook.com/ThinkKentucky or follow on Twitter
at www.Twitter.com/ThinkKentucky. 
A detailed community profile for Owensboro (Daviess County) can
be viewed at
http://www.thinkkentucky.com/EDIS/cmnty/index.aspx?cw=044. 
Contact:
Kerri Richardson
502.564.2611
502.330.6633 
Terry Sebastian
502.564.2611
502.229.6130 
Mandy Lambert
502.564.4886 
(bjh) NY 
#<873920.660640.3.4.1.0.76>#
 
 
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