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U.S. Bancorp Piper Jaffray Names Joel Denney Director of Fixed Income Research

Department

MINNEAPOLIS, May 22 /PRNewswire-FirstCall/ -- The U.S. Bancorp Piper Jaffray Fixed Income Capital Markets division is pleased to announce that Joel Denney has been named director of research within the Fixed Income Capital Markets Division.  Denney is also a senior analyst covering aircraft finance with a focus in enhanced equipment trust certificates.  He will be responsible for seven analysts providing general credit markets research, as well as highly focused research in aircraft financing, utilities and communication services.

Over the last three years, Joel Denney has distinguished himself for his excellence and commitment to all aspects of aircraft finance analysis, said Dave MacLennan, president of the Fixed Income Capital Markets Division.  His keen insights, experience and leadership, as well as his commitment to providing premier research in Fixed Income Capital Markets, will help us continue to expand and build on our already specialized research team.

Denney has been at U.S. Bancorp Piper Jaffray since 1987.  He has earned his bachelor of business administration degree with concentrations in finance and economics from the University of Minnesota-Duluth and holds a Chartered Financial Analyst (CFA) designation.

The public finance professionals of U.S. Bancorp Piper Jaffray specialize in providing focused research as well as municipal bond underwriting and financial advisory services to school districts, cities, counties and other issuers of municipal bonds.  U.S. Bancorp Piper Jaffray, a subsidiary of

U.S. Bancorp (NYSE: USB), provides a full range of investment products and services to individuals, institutions and businesses.  The firm is a leading municipal bond underwriter in the nation based on the number of long-term new issues, according to Thompson Financial Securities Data.  U.S. Bancorp Piper Jaffray provides public finance expertise for education, state and local governments, health care, housing, real estate and economic development projects.  The company also has a national reputation for its investment banking expertise in emerging growth companies.  U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For more information, visit our Web site at http://www.piperjaffray.com

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested.  Securities products and services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.   (5/99-0679)

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http://tbutton.prnewswire.com/prn/11690X03664170

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             05/22/2002

/CONTACT:  Susan Beatty (Filkins), Public Relations of U.S. Bancorp Piper Jaffray, +1-612-303-5680/

/Web site:  http://www.piperjaffray.com  /

(USB)

CO:  U.S. Bancorp Piper Jaffray; U.S. Bancorp
ST:  Minnesota
IN:  FIN
SU:  PER

ES-KE
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8924 05/22/2002 09:35 EDT http://www.prnewswire.com

"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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