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U.S. Bank Receives 'Outstanding' CRA Rating

MINNEAPOLIS--(BUSINESS WIRE)--June 21, 2007--U.S. Bank National Association has been awarded an "Outstanding" rating, the highest rating possible, by the Office of the Comptroller of the Currency (OCC) for its commitment to the letter and spirit of the Community Reinvestment Act (CRA). By awarding this rating, the OCC acknowledged that U.S. Bank is continuing to meet the credit needs of all its segments of its communities.

"U.S. Bank is committed to the communities where we do business through the products and services provided through its retail branches and other lines of business, the financing of affordable housing programs, hosting financial education classes for our customers and other members of our communities, and much more," said Richard Davis, president and chief executive officer of U.S. Bancorp, the parent company of U.S. Bank. "U.S. Bank is here to meet the needs of all its communities."

The OCC reports that U.S. Bank was "Outstanding" in both the lending and investment test ratings and "high satisfactory" in the service test rating. The OCC indicated that the factors supporting this rating are:

    --  U.S. Bank's lending performance is excellent, including the
        volume of community development lending and the responsiveness
        of the loans to identified needs in the bank's various
        assessment areas. In total, the company made more than $3.1
        billion in community development loans inside its various
        assessment areas.

    --  U.S. Bank originated an excellent volume of qualified
        investments during the evaluation period, and demonstrated
        excellent responsiveness to the identified investments needs
        of its communities, especially through investment tools that
        promote affordable housing for low- to moderate-income

    --  Distribution of loans to geographies of different income
        levels is good, and is excellent for home purchase loans;

    --  U.S. Bank's branch network is accessible to geographies and
        individuals of different incomes, and the same products and
        services are offered at each of the branches

    --  The OCC noted a relatively high level of community development
        services by U.S. Bank, including providing financial services
        education and training to first-time homebuyers and youth.
        U.S. Bank's services involve ongoing relationships with
        organizations that work on affordable housing and other
        community development goals.

During a nearly year-long examination process, the OCC evaluated U.S. Bank N.A.'s mortgage lending efforts, including home purchases, home improvement and refinance loans and small business, as well as community development lending and investments from Jan. 1, 2003 through Dec. 31, 2005.

The OCC report noted most of U.S. Bank's community development loans addressed affordable housing needs or projects that helped to stabilize or revitalize low- to moderate-income areas. Also included in the report was information on U.S. Bank's use of flexible loan programs, several of the bank's nationwide loan programs that support affordable housing as well as small businesses, partnerships with local governments and non-profit organizations and the American Dream home loan program.

Congress passed the CRA in 1977 to ensure that financial institutions meet the credit needs of all areas that the institution serves, including low- and moderate-income areas and people. Financial institutions, including banks, are examined in lending, investment and service categories every two years.

U.S. Bancorp (NYSE:USB), with $221 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,498 banking offices and 4,837 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

    CONTACT: U.S. Bancorp
             Amy Frantti, Media Relations, 612-303-0733

    SOURCE: U.S. Bancorp
"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.

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