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Kathy Bader to Retire from the U.S. Bancorp Community Development Corporation; Terry Dolan to Lead in the Interim

MINNEAPOLIS--(BUSINESS WIRE)--March 26, 2008--Kathy Bader, chairman and chief executive officer of the U.S. Bancorp Community Development Corporation (CDC) has announced her retirement effective March 31, 2008. Terry Dolan, controller for U.S. Bancorp, will assume the role of interim chairman and chief executive officer of the U.S. Bancorp CDC.

With assets of $4.4 billion, the U.S. Bancorp CDC is one of the largest new market tax credit investors in the country. It also finances affordable housing and community development projects through the use of low-income housing and historic tax credits.

"The U.S. Bancorp CDC's success and progress can be attributed to its constant focus on striving for excellence and embracing its mission of doing well by doing good," Bader said. "This decision was very difficult for me, but I know that I can depart proud and confident that the CDC has never been better, the team never stronger and the opportunity to continue its great work and success never greater."

Bader is based in St. Louis and has been with U.S. Bancorp for more than 18 years. She has been chief executive officer of the U.S. Bancorp CDC since 1995.

"I'd like to thank Kathy for her years of outstanding service with U.S. Bancorp," said Andy Cecere, chief financial officer of U.S. Bancorp. "Kathy is a superior businessperson and has excelled in developing the tax credits business within U.S. Bancorp. Her contributions in the St. Louis community where she is well-known and well-regarded speak to her passion for service. We wish Kathy well in retirement."

Dolan has been named interim chairman and chief executive officer of the U.S. Bancorp CDC. Dolan has been with U.S. Bank since 1988 and has served as executive vice president and controller for his entire career with the company. He reports to Cecere, and will continue to do so in this position along with carrying out his duties as controller during this interim period. A national search will be conducted to permanently fill the position and will consider both internal and external candidates.

"Our goal is to continue the success and mission of the CDC. It has been and will continue to be an important business to U.S. Bancorp as we strive to meet the needs of our customers and communities," Cecere said.

U.S. Bancorp (NYSE: USB), with $238 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,518 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
Teri Charest, Media, 612-303-0732
Steve Dale, Media, 612-303-0784
Judith 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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