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U.S. Bancorp Announces Quarterly Dividends

MINNEAPOLIS, Sep 21, 2010 (BUSINESS WIRE) --

The board of directors of U.S. Bancorp (NYSE: USB) has declared a quarterly dividend of $0.05 per common share, payable October 15, 2010, to shareholders of record at the close of business on September 30, 2010. At this quarterly dividend rate, the annual dividend is equivalent to $0.20 per common share.

The board of directors has declared an initial semi-annual dividend of $2,496.18 per share (equivalent to $24.9618 per depositary share) on U.S. Bancorp's Series A Non-Cumulative Perpetual Preferred Stock, payable October 15, 2010, to stockholders of record at the close of business on September 30, 2010. Shares of the Series A Non-Cumulative Perpetual Preferred Stock were issued in June 2010 resulting in an abbreviated initial dividend period of 125 days.

The board of directors has also declared a regular quarterly dividend of $223.61 per share (equivalent to $0.22361 per depositary share) on U.S. Bancorp's Series B Non-Cumulative Perpetual Preferred Stock, payable October 15, 2010, to stockholders of record at the close of business on September 30, 2010.

Additionally, the board of directors declared a regular quarterly dividend of $503.13 per share (equivalent to $0.50313 per depositary share) on U.S. Bancorp's Series D Non-Cumulative Perpetual Preferred Stock, payable October 15, 2010, to stockholders of record at the close of business on September 30, 2010.

U.S. Bancorp, with $283 billion in assets as of June 30, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,002 banking offices in 24 states and 5,309 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 usbank.com.

SOURCE: U.S. Bancorp

U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judith T. 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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