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U.S. Bancorp Announces Common Stock Dividend

MINNEAPOLIS--(BUSINESS WIRE)--Sept. 17, 2002--U.S. Bancorp
(NYSE:USB) announced today that it will pay a quarterly dividend of $0.195 per common share on October 15, 2002 to shareholders of record at the close of business on September 30, 2002. At this quarterly dividend rate, the annual dividend is equivalent to $0.78 per common share.

U.S. Bancorp, through its predecessor companies, has increased its annual dividend rate in each of the past 30 years and has paid a dividend for 139 consecutive years. The most recent increase in the U.S. Bancorp common share dividend was announced on March 13, 2002.

Minneapolis-based U.S. Bancorp, with assets in excess of

$173 billion, is the 8th largest financial services holding company in the United States. The company operates 2,131 banking offices and 4,818 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 U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

--30--kmr/cl*

CONTACT: U.S. Bancorp

Steve Dale, 612/303-0784 (Media)

H. D. McCullough, 612/303-0786 (Analysts)

Judy Murphy, 612/303-0783 (Analysts)

KEYWORD: MINNESOTA

INDUSTRY KEYWORD: BANKING DIVIDEND

SOURCE: U.S. Bancorp

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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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