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U.S. Bancorp Completes Systems Integration Process

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 9, 2002--U.S. Bancorp has completed the systems integration process involving customer relationships and services of the old U.S. Bancorp and Firstar Corporation. With the completion of the systems integration process, U.S. Bancorp now has branches operating in 24 states on a single platform or common system providing customers with the flexibility and convenience of doing business at any of the 2,131 U.S. Bank branches located in 24 states.

The completion of bringing together the systems of these two banks in a seamless manner is a testament to the dedication of the new U.S. Bancorp's conversion team and the thousands of employees who worked countless hours to make this a successful integration. The systems conversion process of combining the old U.S. Bancorp and Firstar started in February 2001.

Jerry Grundhofer, president and chief executive officer of U.S. Bancorp commented, When we first announced this transaction in October of 2000, we said our goal was to take the best products and systems of the two banks and combine them into a single franchise that we now view as the best bank in America. It was our objective to combine these two banks without any impact on our customers or disruption of service. It is important to note that while all the conversion activity was taking place behind the scenes, we were simultaneously enhancing and improving our levels of customer service across our new combined 24-state footprint. The true credit for this success goes to our nearly 53,000 U.S. Bancorp team members who were either directly involved in the integration process or those who exemplified our commitment to our customers by providing outstanding service on a daily basis.

The task of merging the two organizations into the new U.S. Bancorp involved systems, networks and account conversions in all lines of business including consumer banking; wholesale banking; payment services; private client, trust and asset management; and capital market divisions.

By operating on one common system this means a customer can now feel at home at any U.S. Bank branch or distribution channel, such as ATMs or www.usbank.com. This means that if a customer moves or relocates, travels for business, is a student going off to college or even someone on a vacation that any U.S. Bank location, in 24 states, can help them with their banking needs. For business customers who may have multiple locations in the 24 states in which U.S. Bank has offices, they too have the added convenience of making deposits or other transactions at any of U.S. Bank's 2,131 offices.

The integration included nearly 11 million customer accounts, 2,131 branch locations in 24 states and 4,818 ATMs. Another important and visible aspect of the conversion was the name change of former Firstar locations. As a result, Firstar branches in Ohio, Wisconsin, Kentucky, Indiana, Tennessee, Arizona, Arkansas, Kansas, Missouri, Iowa, Illinois and Minnesota were rebranded with the U.S. Bank logo and red, white and blue colors during the past year. In addition to the systems integration, U.S. Bank customers also have the benefits of the bank's Five Star Service Guarantee available at all locations and in all lines-of-business.

Minneapolis-based U.S. Bancorp (NYSE:USB), 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--slb/cl*

CONTACT:  U.S. Bancorp

Steve Dale (Media), 612/973-0898

H.D. McCullough (Analysts), 612/973-2261

Judith Murphy (Analysts), 612/973-2264

KEYWORD:  MINNESOTA

INDUSTRY KEYWORD:  BANKING

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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