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U.S. Bancorp Announces Quarterly Common Stock Dividend

MINNEAPOLIS--(BUSINESS WIRE)--Sept. 18, 2007--The board of directors of U.S. Bancorp (NYSE:USB) has declared a quarterly dividend of $0.40 per common share, payable October 15, 2007 to shareholders of record at the close of business on September 28, 2007. At this quarterly dividend rate, the annual dividend is equivalent to $1.60 per common share.

U.S. Bancorp, through its predecessor companies, has increased its annual dividend rate in each of the past 35 years and has paid a dividend for 144 consecutive years. The most recent increase in the U.S. Bancorp common share dividend was reflected in the dividend paid on January 16, 2007, when the dividend rate was raised 21 percent to its current rate. Previously the rate had been $1.32 on an annualized basis, or $0.33 on a quarterly basis.

The board of directors has also declared a regular quarterly dividend of $376.64 per share (equivalent to $0.37664 per depositary share) on U.S. Bancorp's Series B Non-Cumulative Perpetual Preferred Stock, payable October 15, 2007, to stockholders of record at the close of business on September 28, 2007.

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
Judith T. 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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