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U.S. Bancorp Piper Jaffray Selects Effron and Roddy to Lead Fixed Income

Trading, Sales Groups

MINNEAPOLIS, Sept. 4 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce the appointment of Michael Effron as head of trading and Jim Roddy as head of sales for the Fixed Income Capital Markets Division.  Effron and Roddy replace Barry Nordstrand, who was head of both sales and trading and was recently named president of Fixed Income Capital Markets.

This new organization structure reflects the strong capabilities of Mike and Jim as well as the imperative of execution excellence, said Nordstrand. Both Mike and Jim are great advocates for the Piper Jaffray culture and I'm confident they will excel as great team leaders.

Effron, 38, joined U.S. Bancorp Piper Jaffray in 1997 and has worked as a senior trader and underwriter in agency trading, as well as serving as the head of long-term taxable fixed income trading, responsible for corporate, mortgage, agency and preferred trading desks.  Prior to joining Piper Jaffray, he was head of taxable trading at Huntington Capital Corp., in Columbus, Ohio. He has a bachelor of science degree in finance from The Ohio State University in Columbus, Ohio.  He is based in the firm's Minneapolis office.

I'm very excited to lead this deeply talented and experienced trading team, said Effron.  We plan to continue to expand our trading practice in strategic areas where we can best serve our clients and continue building a national reputation.

Roddy, 41, officially joined Piper Jaffray as head of institutional sales in 2000 after spending nine years with U.S. Bancorp Investments, Inc., and U.S. Bank's asset management and institutional trust group.  He began his career at U.S. Bancorp in 1986 as a controller for a predecessor bank in Denver, Colo.  He has a bachelor of science degree in commerce from the University of Virginia in Charlottesville, Va.  He is based in the firm's Denver office.

This is a tremendous opportunity and I look forward to leading this team, said Roddy.  With quality growth as the focus, we will build on our areas of expertise to increase market share.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based

U.S. Bancorp (NYSE: USB) is focused securities firm comprised of three divisions: Equity Capital Markets, Fixed Income Capital Markets and Private Advisory Services.  The firm provides a full range of investment products and services to individuals, institutions and businesses.  The firm has over
120 offices in 23 states across the country.  The Equity Capital Markets Division focuses on the needs of growth companies in the health care, technology, financial institutions, consumer and communications growth sectors.  The firm has a national reputation for its expertise in fundamental research and equity and debt financing.  The Fixed Income Capital Markets business provides bond issuers, individual investors and institutional investors expertise in investment banking, underwriting, trading, sales and research.  The firm offers innovative solutions in corporate and government debt financings with particular expertise in corporate, health care/hospitals, real estate, higher education and government debt.  The Private Advisory Services division financial advisors provide guidance in retirement planning, education planning, estate planning and wealth accumulation.  Investors select from a wide array of products, including fee-based products, stocks, bonds, mutual funds, annuities, insurance and trust services.  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. Securities products and services offered through U.S. Bancorp Piper Jaffray, Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.  For more information on U.S. Bancorp Piper Jaffray, visit 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/11690X35471772

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             09/04/2002

/CONTACT:  Susan Beatty, 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
ST:  Minnesota
IN:  FIN PUB
SU:  PER

ES-CK
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9528 09/04/2002 10:09 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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