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Michael Doyle Resigns as U.S. Bancorp's Chief Credit Officer

Bill Parker and Scott Hickey Named Interim Chief Credit Officers

MINNEAPOLIS--(BUSINESS WIRE)--July 17, 2007--Michael J. Doyle announced today that he has decided to step down as chief credit officer of U.S. Bancorp (NYSE:USB). P. W. (Bill) Parker and Scott S. Hickey will succeed Doyle and share his responsibilities as chief credit officer. Parker, 52, and Hickey, 51, will serve on an interim basis while the company evaluates internal and external longer term candidates. Doyle, 51, who has served as chief credit officer since 2002, and has been with U.S. Bank since 1994, will remain with the organization as an advisor to Richard K. Davis, president and chief executive officer of U.S. Bancorp, for the transition period.

"I want to thank Mike for his 13 years of outstanding service to U.S. Bank. Our credit quality is among the best in the industry. He has made significant contributions to U.S. Bancorp and I've enjoyed working with him. All of us at U.S. Bank wish him well in his new endeavors," said Davis.

Parker served under Doyle as chief portfolio risk management officer and executive vice president and has been with U.S. Bank since 1984. Hickey reported to Doyle as chief credit approval officer and executive vice president and has been with U.S. Bank since 1985.

"I am looking forward to working more closely with Bill and Scott who have both been instrumental in helping establish and implement the prudent credit culture we have today," continued Davis.

U.S. Bancorp, with $223 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,499 banking offices and 4,867 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
Steve Dale, Media, 612-303-0784
Judy Murphy, Analysts, 612-303-0783

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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