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To: Craig Spinharney who wrote (373)	3/14/1998 1:27:00 PM
From: Farnam	Respond to of 3873

US Bank merged last year with FirstBank Systems which, a couple years ago, bought FirsTier Financial, one of the two largest banks in Nebraska. For years, FirsTier has been the primary source of stock loans for Kiewit employees to purchase stock. In addition, Walter Scott, Chairman of Kiewit, sat on FirsTier's Board and had a non-trivial stock interest in the bank. Consequently, it is not unusual that as significant stockholders established trust arrangements for estate and charitable purposes, they utilized FirsTier (now US Bank). So, the trusts were not just established. The bank was probably negligent in not filing previously. Given the closely-held nature of the company, they didn't realize that they had to file just as they do with any other company which is required to file with the SEC. In Kiewit's case, this is driven by the fact that there are over the threshold number of shareholders.