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Minneapolis Neighborhood Gets a Lift From U.S. Bank; Neighborhood Group Purchases Vacant Land At the Bank's Reduced Rate

MINNEAPOLIS--(BUSINESS WIRE)--June 21, 2002--U.S. Bancorp
(NYSE:USB)

Residents in the Holland Neighborhood of northeast Minneapolis will see new housing and other improvements in their urban district with the help of a property purchase that the Minneapolis Community Development Agency (MCDA) Holland Neighborhood Improvement Association made from U.S. Bank at a greatly reduced rate.

The group approached U.S. Bank to purchase the property, located at 24th and Jackson, using their Neighborhood Revitalization Program funding from the City of Minneapolis. U.S. Bank reduced the cost of the land because it was for the purpose of building townhouse units, most of which will be affordable to people with incomes at or below 80 percent of median income.

What's unique is that since they were able to deliver the land to the developer at such a reasonable cost, they are now able to share in the net profit of the development once the units are sold, said Vicki Shipley, vice president of community development at U.S. Bank. This money will then be used in their neighborhood, which is a moderate income neighborhood, for rehab of the existing homes or possibly for commercial improvement along Central Avenue. It's a clear win for the bank and for the neighborhood.

This is a great example of how financial institutions and communities can collaborate to creatively utilize resources to make urban redevelopment projects work, said Kevin Reich, project director for the Holland Neighborhood Improvement Association.

The developer, Gordon Awsumb of Awsumb & Associates, concurs, U.S Bank's contribution was key to make this innovative public/private partnership work to bring well designed, energy efficient homes to an inner city neighborhood.

This development, which has full community support, is a project that will help provide much-needed housing to the city and that will strengthen the Holland neighborhood, said Minneapolis City Council Member Joe Biernat. I am grateful to the Holland Neighborhood Improvement Association for working with U.S. Bank to put the proposal together.

The sale of the property was finalized in May and construction on the housing is expected to begin in July. It is one of many community development projects supported by U.S. Bank in the Twin Cities.

Minneapolis-based U.S. Bancorp (NYSE:USB), with assets in excess of $165 billion, is the 8th largest financial services holding company in the United States. The company operates 2,147 banking offices and 4,929 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the web at usbank.com and Firstar Bank at firstar.com.

--30--cmm/cl*

CONTACT: U.S. Bank

Teri Charest, 612/973-4594

teri.charest@usbank.com

KEYWORD: MINNESOTA

INDUSTRY KEYWORD: BANKING BUILDING/CONSTRUCTION REAL ESTATE

SOURCE: U.S. Bank

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"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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