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Silver Cloud Inns Chooses U.S. Bank; U.S. Bank Provides Bellevue-Based Company With Loans for New Development

BELLEVUE, Wash.--(BUSINESS WIRE)--June 24, 2002--U.S. Bancorp (NYSE:USB)

Silver Cloud Inns has chosen U.S. Bank to provide financial services as the regional hotel chain continues to grow and prosper. U.S. Bank is the lead bank providing financing to Silver Cloud for its new hotel at the corner of Broadway Street and Madison Street in Seattle.

Loans from U.S. Bank totaling $10 million will help the company build the Broadway Silver Cloud Inn in Seattle's Commercial Business District. The new facility will have 179 rooms, more than twice as big as their new Silver Cloud Inn Tacoma, which opened in February this year. U.S. Bank will also provide additional financial services after completion.

Silver Cloud Inns is an important contributor to Washington's economy, which is why we're proud to do everything we can to help them grow and continue to be successful. We're honored to be affiliated with them in this business relationship, said Ken Kirkpatrick, president of U.S. Bank in Seattle.

With $100 million in assets, Silver Cloud Inns is a leading regional hotel chain in Washington and Oregon. The first Silver Cloud Inn opened in 1980 in Tukwila, Wash. Standing behind the mottoes cleanliness and friendliness and hospitality shines, the company has since grown to twelve inns with 1,450 rooms and more than 400 employees. Visit them on the web at www.scinns.com.

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 www.usbank.com and Firstar Bank at www.firstar.com.

--30--jsw/clv*

CONTACT: U.S. Bank Media Relations

Teri Charest, 612/973-4594

teri.charest@usbank.com

KEYWORD: MINNESOTA WASHINGTON

INDUSTRY KEYWORD: BANKING BUILDING/CONSTRUCTION

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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