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Bill Parker Named as U.S. Bancorp's New Chief Credit Officer

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 11, 2007--P. W. (Bill) Parker was named today as the new chief credit officer of U.S. Bancorp (NYSE:USB). Parker will assume his new position immediately. This announcement was made by Richard K. Davis, president and chief executive officer of U. S. Bancorp.

Parker, 50, was selected for the position as chief credit officer following U.S. Bancorp's national search and evaluation of both external and internal candidates. He has been with U.S. Bancorp since 1984, and most recently served as executive vice president and chief portfolio risk management officer.

"I am looking forward to working with Bill as we continue to implement the prudent credit culture which has proved to be a strong foundation for our organization. Bill has been very instrumental in helping develop our credit culture and will be even more important to its success in the future," noted Davis.

Parker has a bachelor's degree from Amherst College in Amherst, Mass. and a master's from The Amos Tuck School of Business Administration at Dartmouth College in Hanover, N.H. He and his wife Anne have three children and reside in St. Paul, Minn.

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

"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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